More troubles as Naira inches closer to N500/$1

The Naira depreciated against the dollar to close at N478/$1 at the black market on Wednesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

Nigeria’s currency weakened against the dollar by 1.05 percent, breaking its four- day stability.

Naira has remained at N473/$ since Friday last week.

The naira depreciation has been attributed to strong demand amid a shortage of dollars.

At the Investors & Exporters (I&E) window of the foreign exchange, where forex is officially traded, Naira also depreciated marginally by 0.08 percent as dollar was quoted at N410 compared to N409.67k quoted on the previous day.

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The depreciation took place as turnover rose by 25.37 percent with $40.79 million recorded as against the $30.44 million posted on Tuesday.

By implication, this leaves the gap between the unofficial market and I&E window exchange rates at 14.23 percent or N68.

Currency traders who participated in the official market maintained bids at between N390.00k and N410.00k per dollar.

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