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Naira Watch

Naira depreciation continues, as CBN, FMDQ pause update



Naira closes strong against U.S dollar on Tuesday

For the third day in a row, Nigerian currency on the black market exchanged above N700 to a dollar.

Traders on Tuesday told Ripples Nigeria that for Nigerians traveling looking to buy dollars it cost N705.

Naira to the dollar exchange rate crossed N700 at the black market on Friday last week.

What this signifies is that for a Nigerian traveling to the US and looking to buy $5,000 it will require N3.5 million.

This is a whopping N1.4m difference when compared to N2.1 million it will cost if obtained at the Central Bank of Nigeria rate on Monday, 29 August 2022.

Read also: Naira falls to N703/$1 at black market, as BDCs fear another EFCC raid

Meanwhile, checks on the websites of FMDQ securities where Naira is officially traded and the Central Bank of Nigeria shows no update on the official foreign exchange market.

The last update on the CBN website was on Monday when Naira closed at N423.38 to a dollar.

Meanwhile, FMDQ securities Monday exchange rate closed at N430.33 to a dollar.

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