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  • Business - Economy
  • Updated: June 07, 2021

Naira Crashes to N502 Against The Dollar Amid Twitter Ban

After the Federal Government imposed a ban on the use of the microblogging platform Twitter on Friday, the nation's currency plunged to N502/$1 at the black market.

Selling pressure intensified among traders, causing  Nigeria's local currency to decline by N3 as weakening confidence in the country's bourse pulled demand lower.

Surging insecurity, along with weak financial policies and low export power have made the nation's currency less desirable in the foreign exchange market.

Naira however appreciated against the US dollar at the official Investors and Exporters window to close at N410.75 to a dollar, representing a 0.04% gain compared to N410.9/$1 recorded on Thursday, 3rd June 2021.

Forex turnover at the Investors and Exporters (I&E) window also rose by 64.07 percent on Friday, June 4, 2021.

Recently, the Central Bank of Nigeria devalued the nation's currency by 7.6 percent.  The apex bank then adopted the NAFEX rate as its official exchange rate.

 

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Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

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