May 6 (Lagos) - The Naira has lost some of its recent gains against foreign currencies in the parallel markets according to websites that track that market. The Naira had hit 1400 levels again last week after recently trading near 1000 levels last month.
The value of the currency seems to be swinging into finding its value where it will settle. While we expect the inflation data for April where some analysts are expecting the inflation to also regain its upward trajectory in line with the exchange rate situation and how that makes everything more expensive from fuel to food.
Among other currencies,
The Euro is gaining against Canadian Dollar presently.
The US Dollar also strengthened against the Canadian Dollar and the Euro.
The US Dollar also gained against the Chinese Yuan.
reporting for easykobo.com on Monday, May 6 2024 from Lagos, Nigeria