Earlier this morning (Monday, May 4th, 2020), the naira was selling at NGN430 per US dollar in the parallel market, according to Everdon Bureau de Change. This marks a significant reduction in the exchange rate when compared to N465 per dollar that was recorded last week.
Note that Nigeria’s foreign reserves dropped to about USD33.44 billion as at 30th April 2020. Meanwhile, the American Dollar Index, which tracks it against a basket of major currencies, climbed up to 0.27% to 99.45 by 6.30 am Nigerian time, as China and the USA began a battle of words over the origin of the COVID-19.
Note that Nigeria’s foreign reserves dropped to about USD33.44 billion as at 30th April 2020. Meanwhile, the American Dollar Index, which tracks it against a basket of major currencies, climbed up to 0.27% to 99.45 by 6.30 am Nigerian time, as China and the USA began a battle of words over the origin of the COVID-19.