Naira falls to N1, 290/$ in parallel market, slides to N847 in NAFEM

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The free fall of the Naira continued yesterday as it fell to N1, 290 to $1 in Abuja and other markets.

A Bureau de Change operator in zone four in Abuja which is reputed for exchange rate hotpot, Adamu Suleiman, said a dollar was bought for N1,250 and sold for N1,290 yesterday as of 5pm.

“As stakeholders in this business, I am happy with the cooperation between the fiscal and monetary authorities. This was absent during the government of Muhammadu Buhari. Since these people in the fiscal and monetary sides know each other for a long time and have worked together at various times together with the President, I think better days are ahead of us,” he stated.

Trading on NAFEM indicated that FX turnover yesterday stood at $88 million, which represented eight per cent of the previous day. Lagos State Governor, Babajide Sanwo-Olu, has assured manufacturers of his administration’s resolve to improve the state’s business environment, providing the needed support that would make them thrive.Internet and Digital Products Consumers of Legend now have the opportunity to receive cash rewards for every purchase they make using the Legend Pay App.

 

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