CEM REPORT, FINANCE | The naira has continued to loose ground against the dollar at the black market. At N750.50, it has depreciated further when compared to the N745 it traded yesterday against the USD.
The low performance with which the Naira opened the week and have persisted midweek is attributed to the demand for dollars for oversea education payment and the ongoing election campaign. These conditions have been exacerbated by hike in interest rate by CBN after yesterday MPC meeting
At the CBN official window, Naira exchanges at 460.47 against the dollar, a further depreciation from the 450 it traded last week.
The British Pounds on the other hand currently trade at 925 against the naira at the black market while it is 567.2069 from the CBN
Also, Euro sells for 798 against the Naira at the black market while its official rate stands at 500.5309