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Naira Watch

Again, Naira crashes against Dollar, as demand rises by 342% ahead of APC convention



Naira continues free fall against U.S dollar

The value of Nigerian currency on Thursday depreciated against the US dollars across all foreign exchange markets, as the All Peoples Congress [APC] prepares for its convention on June 6 — 8.

During the PDP primaries, the Naira suffered a similar decline, closing at N606/$1 on May 24, and reports emerged of money being distributed to woo delegates during the party’s convention on May 25.

On Thursday, Data from FMDQ securities where Naira is official traded showed that Naira at the Investors and Exporters (I&E) market dropped in value by 0.12 per cent or 50 kobo on Thursday to close at N419.50/$1 compared with the previous day of N419.00/$1.

This happened as dollar demands at the market jumped by 342.0 per cent or $588.22 million to $760.2 million on Thursday from the preceding day’s $171.98 million.

Also, at the Peer-to-Peer (P2P) segment, the value of the Nigerian Naira dropped by 0.32 per cent or N2 to sell at N610/$1 compared with the N608/$1 it was transacted a day earlier.

Read also :Foreign investment into Nigeria drops by $1.6bn in Q1, 2022 as investors avoid 30 states

While at the black market it exchanged at N607 to a dollar.

However, CBN currency data obtained from its website shows the Naira appreciated against the British currency – the Pound Sterling by 94 kobo to wrap up at N521.94/£1 in contrast to the N522.88/£1 it was sold in the previous session.

Naira also appreciated against the Euro on Thursday by 83 kobo to trade at N444.42/€1 in contrast to the preceding day’s N445.25/€1.

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