Naira drops to lowest level in 2022 against US dollar

On Wednesday, the Nigerian currency fell to its lowest level against the US dollar at the FMDQ Security Exchange window where forex is officially traded.

Data shows investors and exporters exchanged Naira for the US dollar at N418.33, a N1.33 depreciation from N417 it exchanged on Tuesday.

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

The depreciation became effective as forex supply to the market decreased by 2.90 per cent with $151.07 against $155.44 million posted on Tuesday.

Read also: Naira hits N596/$1 at black market, as traders begin hoarding

Also, the Nigerian currency depreciated against the Pound Sterling at the midweek session by N1.49 at the official FX market to trade at N543.28/£1 compared with the previously traded rate of N541.79/£1.

It was the same as the Euro, it lost N1.25 to close at 450.57/€1 in comparison to the preceding day’s N449.32/€1.

Good news from Black market

At the black market, it was a different story as the Nigerian currency recorded a positive performance to close at N588/$ as against the N590/$ and above it started the week.

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