US Dollar Soars As Nigerian Naira Crashes, Closes At 419

Deeper Waters For Naira As It Exchanges At 419.25 To Dollar
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Monday saw the Nigerian Naira depreciating at the Investors and Exporters window while exchanging at ₦419 to the dollar, a 0.48 per cent depreciation, weaker than ₦417 it traded on Friday.

Reports have shown that the open indicative rate closed at ₦419 to the dollar on Monday.

An exchange rate of ₦423.00 to the dollar was the highest rate recorded within the day’s trading before it settled at ₦419.00.

Read Also: Oshodi Traders Hail CBN’s Introduction Of e-Naira

The Naira sold for as low as 410.84 to the dollar within the day’s trading. A total of 53.15 million dollars was traded in foreign exchange at the official Investors and Exporters window on Monday.

Meanwhile, Prof. Hassan Oaikhenan of the Department of Economics, University of Benin, has attributed the currency’s loss to the limited supply of the green back.

He said, “the depreciation is normal and not unexpected, given the demand pressures for the dollar in relation to the limited supply of the green back.

“ So, we need not dwell on this, which has become the new normal in the trend behaviour of the exchange of the naira to such key currencies as the Euro, the Dollar, the British Pound sterling, among others’’.

Meanwhile, the Nigerian Ports Authority (NPA) on Monday said 17 ships had arrived at Lagos Ports and were discharging petrol, bulk wheat, frozen fish, bulk salt, butane gas, bulk sugar and ethanol.

The authority said 25 other ships were also expected to arrive at the ports between May 9 and May 26.

It said the ships were conveying bulk wheat, general cargo, frozen fish, bulk sugar, butane gas, bulk gypsum, bulk salt, jet fuel, automobile gasoline, ethanol, petrol, bulk fertilizer and containers.

It also said six other ships had arrived at the ports and were waiting to berth with base oil, bulk sugar and petrol.

Africa Daily News, New York

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