N340 dollar |Naira trades parallel market

Last updated on September 20th, 2020 at 08:47 pm | This article was published at an earlier date and has been updated with new information.

Naira now trades at N340 dollar on parallel market.

Naira now trades at N340 dollar on parallel market.

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The Nigerian currency was on Friday, pummeled by the American currency as it crashed against the dollar. Our bureau de change sources have informed that the naira now trades for N340/dollar as against the N335 that it traded for on Thursday. GURUSCRIB.net checks revealed that the ongoing industrial action of the Nigeria Labour Congress (NLC) over the fuel price hike may have contributed to the new development. READ ALSO: Fuel subsidy removal is the best thing Buhari has ever done – Boyloaf.Naira now trades at N340/dollar on parallel marketNaira now trades at N340 dollar on parallel market

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And it was also gathered that the refusal of oil prices to rise beyond its present rate is another key reason the Nigerian currency has refused to gather real steam against the dollar. Speaking on the latest development, expert stated: “There are many challenges facing us as a nation right now, and one of them is the fact that forex keeps fluctuating in such a way that does not favour us. “No matter how little, the recent industrial action may have affected the exchange rate of the naira against the dollar in recent weeks, but there is little anybody can do. “Hopefully, when oil prices rise. Man, 2 Daughters Burnt To Death As Stored Fuel Explodes In Lagos. we can heave sigh of relief. But as things stand now, there are fluctuations in the foreign exchange market, and that is where we all are now.” Read more: Nigeria Customs bans rice importation.

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