After the Federal Government imposed a ban on the use of the microblogging platform Twitter on Friday, the nation’s currency plunged to N502/$1 at the black market.
Selling pressure intensified among traders, causing Nigeria’s local currency to decline by N3 as weakening confidence in the country’s bourse pulled demand lower.
Surging insecurity, along with weak financial policies and low export power have made the nation’s currency less desirable in the foreign exchange market.
Naira however appreciated against the US dollar at the official Investors and Exporters window to close at N410.75 to a dollar, representing a 0.04% gain compared to N410.9/$1 recorded on Thursday, 3rd June 2021.
Forex turnover at the Investors and Exporters window also rose by 64.07 percent on Friday, June 4, 2021.