Business

Naira weakens against Dollar, others at official market

Published

5 years ago

June 25, 2021

Olusegun Odunewu

The Nigerian currency, Naira, fell against the U.S dollar on the official market despite decrease in market activity.

Data posted on the FMDQ Security Exchange where forex is officially traded showed the Naira closed at N411.67 per $1.

Yesterday’s closing exchange rate implies a N0.17 or 0.04 percent devaluation from N411.50 the rate it traded in the previous session on Wednesday.

Market activity saw Forex turnover decreased by 43.21 per cent with $109.47 million posted as against the $192.75 million recorded in the previous day.

Meanwhile, according to data posted on abokiFX, the black market currency rate remained at N500.00 per U.S dollar.

Naira also remained at N710 for the British pounds and N595 to the Euro it exchanged the previous day.

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Vote-buying remains a major concern One of the strongest warnings from Osun was the continued presence of vote-buying and voter inducement. Yiaga Africa said the results declared by the Independent National Electoral Commission (INEC) were consistent with its independent statistical projections, but cautioned that this did not remove concerns about the integrity of voters' choices amid reports of vote-buying and inducement. The concern is particularly significant ahead of 2027, when political competition will take place nationwide and involve presidential, National Assembly and state-level contests. The International Republican Institute (IRI), following a pre-election assessment mission conducted in August, identified monetised political competition, election-related violence, insecurity and declining public confidence in INEC among the structural challenges facing the 2027 elections. 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Naira weakens against Dollar, others at official market

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