Just like other currencies the ECO-6’s Lumi currency also falls and rises too due to the market value of gold.
For the past four months the Lumi currency has constantly being on the negative side of the graph proving that the price of gold is also on the downside.
The currency is pegged against 4 grains of gold which literary implies that the value of the Lumi currency is proportional to the value of gold.
That is to say when the price of gold is high the value or conversion rate of Lumi will also be high and in like manner if the price of gold is lower the value of Lumi will also declined respectively.[irp posts=”338″ name=”Conversion of the Lumi currency; insight on how it will be implemented”]
At the moment, Lumi currency is being exchanged at the rate of 6916.59 NGN slightly higher than it was traded four days ago.
In another development, the US Dollar is being traded as high as N590 per $1. For the past six months the Dollar has remained high despite the Central Bank’s efforts to stabilize exchange rate.
This is the parallel market rate, while at the Import and Export window the dollar is being traded at the rate of N444 this morning.[irp posts=”10291″ name=”ECO-6 LUMI: Reasons why you can’t access your Swiffin account”]
At the official NAFEX window the dollar is being converted at the rate of N414 this morning.
Lumi currency is expected to commence conversion any moment from now as the Authorities has given deadline of October 1st this year.