The adopted currency of the Economic Community of the Sith African Region (ECO-6), the Lumi currency and the US Dollar has reportedly inclined values against the Nigerian Naira in the Holy week.
NewsWay reports that the Lumi currency which is presently trading at the rate of 6915.15 NGN against the Naira is the highest since the last stimulus payment on the 28th of March 2022.
Dollar on the other hand is traded at the rate of 590 NGN per single dollar.
READ ALSO: ECO-6 fixed 1st October 2022 for Lumi Currency Conversion
This surge could be traced to the high demand on the global accepted currency in the Holy week.
There are certain people who usually celebrate Easter in the Holy land (Israel) so such people must buy dollars.
The Lumi on the other hand is inclining daily because the Regional Authorities fixed a date for the withdrawal and a deadline for the currency to be integrated into National and Regional Economies.
Prior to this development, beneficiaries of the Eco-6 Lumi stimulus expressed worry as they could not spend the currency anywhere and couldn’t withdraw.
At the Importer and Exporter forex window, the naira declined by 0.20 percent to close at N417.5 subsequent to arriving at a high rate of N444.
The Association of Bureaux De Change Operators of Nigeria had requested the CBN support in guaranteeing that Bureaux De Change administrators kept on offering dollars to the retail end of the market.
Lumi currency conversion is expected to commence conversion and withdrawals in October of this year (2022) as the stimulus continued to payed every month and will subsequently end on 28th of October 2023.
