Newsonline reports that the naira on Tuesday, August 30, 2022, reversed its almost miraculous comeback to trade over the N700/$1 mark once again.
This is according to information gathered from several black market forex traders, who spoke to NewsOnline in Ogba, Lagos.
The last time the naira reached the 700/$ range was on July 27, 2022, a Wednesday. However, the latest decline in the Naira comes following a 34.3% decline in FX turnover, from $82.38 million on Friday, August 26, 2022, to $54.13 million on Monday.
The naira’s depreciation follows reports that the Central Bank of Nigeria has released $265 million to save the Aviation sector, with a portion of it going to pay blocked funds owing to foreign airlines.
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