Things do not seem to be looking upwards for the Nigerian Naira as it has continued to crashland after it recorded another massive fall in the official market on Tuesday, while losing 0.9 per cent to the dollar.
FMDQ had already published data at the beginning of trading on Tuesday showed that the Nigerian Currency opened at ₦422.71 but closed at ₦430.00 to a dollar at the end of the trading window for the day, which came out to be representing a ₦4.25 or 0.99 per cent devaluation from ₦425.75 recorded in the previous market day.
Read Also: Deeper Waters For Naira As It Exchanges At 419.25 To Dollar
The Naira has been undergoing significant devaluation in the spot market for the last two weeks, dangling between ₦420 and ₦425 benchmark before dipping to ₦430 per $1 on Tuesday, which may be connected to the shortfall in forex supply.
According to reports from the black market in Uyo, Akwa Ibom State, dealers were exchanging the naira at ₦611.00 and sold at ₦616.00 to a dollar as at Tuesday. Some of the currency dealers in the street of Uyo, blamed the Naira’s woe on scarcity of the dollar as a result of the account of forex traders being blocked by the federal government.
It had been previously reported that the Naira had reportedly exchanged at 419.25 to the dollar at the Investors and Exporters window, compared to 418.50 traded on Tuesday, representing 0.18 per cent depreciation on Wednesday.
The open indicative rate closed at ₦418.00 to the dollar on Wednesday. An exchange rate of ₦444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at ₦419.25.
The Naira sold for as low as 410 to the dollar within the day’s trading.
Read Also: Free Fall For Naira As It Racks Up Losses Against Dollar
A total of 201.34 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.
