Dollar Regains Strength Against Naira, Moves Up To $1/#440

As speculators continue to await CBN intervention in the Forex market as promised last week to begin the sale of dollars to BDC @ official rate of $1/#386 which actually caused alot of panic buy within the week and saw the dollar dropping drastically from $1/480 to $1/#435 as at Wednesday 2nd of September, 2020 the dollar seems to be regaining its strength against the naira moving up to $1/#440 against the naira as at today.

Fears around the FX market is that, if the CBN fails to keep up to its promise, the dollar might continue to rise.

The exchange rate between the naira and the British pound sterling stands at ₦580/₤1 on Friday, 4th September, same as recorded on Thursday, 3rd September 2020.

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