Sad! Dollar cages Naira to end the week on a high note, check out new rate

NAIJ.com fact-check on Friday, April 20, shows that the naira has made no significant strength against the dollar in the black market.

This comes on the heels of report from our Bureau De Change (BDC) sources that nation’s currency is still hovering around N320 – N322 as it was on Thursday, April 21.

Our BDC source in Katsina said: “It is N320 now o, can you imagine? When it was N317 some days ago, even N315 in some places.”

Another BDC source in Lagos told NAIJ.com reported: “It is N320 as at the last time I checked.”

READ ALSO: Naira strengthens against dollar for the first week in months

The naira, which traded between 317 – 319 against the dollar from Monday, April 18 to Wednesday, April 20, sunk sharply to a position between 320 and 322 on Thursday, April 21.

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 finalized.

READ ALSO: Naira strengthens to N318 to dollar in parallel market

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.”

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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