– Naira is still a weak currency compared to foreign banknotes on the black market as the adoption of the NAFEX rate cannot strengthen it.
– Naira, however, traded high in the window of investors and exporters, appreciating against the US currency in the official market.
– The devaluation of the naira further weakened the Nigerian currency, affecting the value of goods and services in the country.
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Nigerian naira continues to weaken as foreign exchange appreciates from the country’s official black market tender on Monday. As of noon, it was on sale until AD 502. for one dollar.
According to the official foreign exchange market, NAFEX [investors and Exporters window], the value of the naira declined today to close at 410.95 AD. / U.S. dollar.
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It opened the market at N410.79 for $ 1, but depreciated to N420.77 against $ 1 and rose to 400 during intraday trading on the official market.
But during trading in the parallel market, the pound lost control of the naira as it depreciated to N713 per pound tonight. The day before, the naira was on sale for N715 / £ 1.
Since the Central Bank of Nigeria adopted NAFEX as the official dollar exchange rate, the naira has not appreciated, depreciating.
Meanwhile, Legit.ng Earlier it was reported that the telecom industry suffered heavy losses in April after 3.70 million subscribers stopped using their network.
Glo and MTN Nigeria were hit hardest, with both companies losing more than 3.40 million subscribers, while Airt and 9mobile both lost six figures.
Network providers were losing subscribers in a matter of months, with 9mobile losing fewer customers compared to other competitors in the market.
Source: Legit Newspaper.