Naira suffers big blow against dollar, checkout new rate
The Nigerian currency, naira has again plummeted against the dollar in the black market, today, April 21.
This is coming after the Nigerian currency had strengthened against the dollar in the last two days.
The naira, which traded between 317 – 319 against the dollar on Wednesday, April 20, is presently hovering around 320 – 322, The Cable reports.
READ ALSO: Naira strengthens to N318 to dollar in parallel market
The fall comes after the presidency said it did not sign any currency swap deal with China during President Muhammadu Buhari’s visit to the Asian country.
Nigeria was reported to have agreed a yuan-swap deal with China, although it has not been finalised.
Godwin Emefiele, governor of the central bank of Nigeria (CBN), had spoken about the deal, adding that it would be concluded by the People’s Bank of China, with the Industrial and Commercial Bank of China (ICBC), the world’s biggest lender, as CBN’s representative.
However, Geoffrey Onyeama, minister for foreign affairs, said the deal was not a currency swap, but a deal for the flow of the yuan into Nigeria.
He said: “It’s not really a swap. What it takes is that as the Chinese economy goes strong, there is some pressure on them from the trading partners, international financial institutions. They agreed that the money should be internationalised.”
READ ALSO: Naira strengthens against dollar for the first week in months
NAIJ.com team will continue to bring you daily updates of the naira exchange rates.
You can also get authentic exchange rates and check out real deals for dollar exchange via our platform bdc.naij.com.
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