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Naira Watch

Naira drops to lowest level in 2022 against US dollar

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Nigerian currency fell to its lowest level against the US dollar in 2022 on Monday as the forex crisis continued.

Data from FMDQ securities, where forex is officially traded, showed that Naira against the US dollar closed at N434.75 per $1.

Monday closing rate is a depreciation of 0.75 per cent when compared to N431.30 it exchanged on Friday last week.

Read also: Naira gains against US dollar at official, black market

The exchange rate on Wednesdays was the lowest Naira had traded since January 5.

The depreciation occurred despite a 6.6 per cent or $99.68 million surge in forex supply from $93.54 million posted last Friday.

On the black market, the Naira continued to exchange within the range of N699.00 and N700.00 to a dollar on Monday.

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