Nigeria, March 21 -- Despite the bullish dollar index in the global financial market, the Naira began Friday's session at N1,580/$ per dollar in the parallel market, down from N1,590/$ on Thursday.

The naira is weak, according to recent socioeconomic fundamentals in Nigeria.

Because Nigeria depends heavily on fossil fuels for its foreign exchange revenues, the naira is a derivative of crude oil. The Nigerian currency suffers due to worries about sluggish demand, rising trade tensions between the United States and significant trading partners, and hikes in OPEC+ production quotas.

Nigerian Bureau de Change operators have accused commercial banks of failing to sell them foreign cash.

Further details

Aminu Gwadabe, president of the Asso...