Naira Gains Against Dollar As Oil Price Falls

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The Naira appreciated slightly against the U.S. dollar at the I&E window of the foreign exchange market on Wednesday.

The appreciation saw the local currency exchanged for N410.00 to a dollar from N410.67 on Tuesday, according to data posted on the FMDQ Security Exchange.

Market participants bid for the dollar around N394.00 and N422.00 before closing at N410.00.

This occurred as forex turnover plummeted by 59.66 per cent, with $40.13 million recorded as against the $99.49 million posted in the previous session on Tuesday.

However, at the black market, on Wednesday Naira remained at N486.00 at the black market, the same rate it exchanges the previous day.

The difference between both forex markets now stands at N76.

Meanwhile, Oil prices plummeted on rising COVID-19 cases in India one of the world‘s largest consumers of crude oil.

Brent crude, on Wednesday, closed at $66.09 per barrel from almost $68 it traded on Monday.

India is currently facing an oxygen supply crisis to treat covid-19 patients, which resulted in a large part of the country now under lockdown.