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Naira Watch

It’s getting worse as Naira depreciates further to N614/$1



Naira exchanges for N562 per dollar, as CBN moves to stop the slide

As a Nigerian looking to leave the country and unable to access dollars from the official channel you will need N614 to buy one dollar at the black market.

This is according to traders in Lagos who spoke to Ripples Nigeria on Friday morning.

According to the traders, there was a huge demand for the dollars and it is normal that price changes.

Friday rate is a N4 depreciation when compared to N610/$ it exchanged for on Thursday.

Also, at the Investors and Exporters (I&E) window the official forex market, Naira lost 0.3 per cent or N1.25 against the greenback to trade at N420.00/$1 in contrast to the previous day’s N418.75/$1.

Read also: Naira depreciates further, hits N608/$1 at black market

Data from FMDQ securities where Naira is officially traded shows an increase in the demand for forex as the turnover rose by $44.22 million or 38.2 per cent to $160 million from the $115.78 million recorded at the midweek session.

CBN currency data also showed that, the exchange rate of the Pound Sterling and the Euro closed at the same rate of N514.09/£1 and N438.91/€1 respectively.

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