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Naira Watch

Naira depreciates again to begin new journey at official market

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The value of Nigerian currency fell significantly against the U.S. dollar at the official market on Wednesday setting a new record.

Data from FMDQ shows at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday, October 13, Naira exchanged hands with U.S dollar at N415.10, the lowest rate ever recorded at the official market.

Naira’s performance on Wednesday implies a N0.80 or 0.20 percent devaluation from N414.30 per $1 rate it exchanged on Tuesday.

Read also: Naira falls further at official market

Ripples Nigeria understands the fall in the value of Naira comes as demand for foreign currency exceeded supply.

Although supply in the I&E window skyrocketed by 99.99 percent with $306.77 million recorded as against the $153.39 million posted in the previous session on Tuesday, sources noted that not all demands were met.

In fact, traders showed interest to buy dollars as high as N419/$.

Meanwhile at the other official market, the interbank segment, the Nigerian currency further closed flat against the American Dollar at N410.87/$1.

While the black market rate remained at N565 to N575 depending on where and the quantity a customer is looking to exchange.

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