Naira depreciates N465 against US dollar, others at black market

The Naira exchange rate dropped sharply against the United States dollar at the black market to exchange at N465, the lowest in recent weeks.

The local currency declined by N1 from N464 it exchanged against the US dollar on Wednesday to N465 on Thursday.

Similarly, the Nigerian Naira was exchanged against the British Pound at N596 while against the European common currency, it shed N1 to N543, down from N542 it traded on Wednesday.

Against Bitcoin, the Naira exchanged at N7,085,000 per coin following the recent surge in the value of the cryptocurrency frontrunner.

However, global assets rose on Thursday ahead of a possible Joe Biden win as investors believe Biden’s presidency would help speed up quantitative easing for the world’s largest economy and eventually boost capital inflow into most assets, including cryptocurrency space.

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The uncertainty surrounding the Nigerian Naira remains, even with the Nigerian Stock Exchange on a record-breaking run.

The nation’s Business sentiment remains weak due to low productivity, drop in demand caused by weak earnings and dollar scarcity.

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