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Naira Watch

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

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Naira closes strong against U.S dollar on Tuesday

Naira continued its depreciation against the US dollar on Monday as Nigerians were forced to pay for a dollar at N610 in Lagos.

This was a N2 depreciation when compared to the N606 to a dollar it exchanged on Tuesday.

The continued depreciation of the Naira at the black market will again raise questions about the Central Bank of Nigeria’s decision to stop sales of forex to BDCs.

Naira also suffered a similar fate at the Investors and Exporters (I&E) window of the forex market, considered as the official market.

Data from FMDQ securities where the Naira is officially traded showed that, the local currency depreciated against the dollar by 0.12 per cent or 50 kobo to trade at N418.75/$1 on Wednesday compared with the previous day’s rate of N418.25/$1.

Read also: Naira falls to N600/$1 at black market

Naira’s depreciation happened amid a decline in the FX turnover for the day by 50.6 per cent or $118.76 million to $115.78 million from the $234.54 million reported a day earlier.

CBN currency watch data also revealed that against the Euro, it depreciated by 21 kobo to close at N438.91/€1 in contrast to Tuesday’s value of N438.70/€1.

However, Naira appreciated by 33 kobo against the Pound Sterling to close at N514.42/£1 compared to the previously traded rate of N514.09/£1.

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