For three consecutive days the value of Naira depreciated further to the U.S dollar as Nigerians continue to wait for the impact of the Central Bank of Nigeria’s clampdown on black marketers.
Data obtained from the FMDQ securities shows the exchange rate between the naira and the US dollar closed at N414.73/$1, at the Investors and Exporters window on Wednesday.
Wednesday rate at the official window represents a N0.43 or 0.10 percent devaluation from the N414.30/$ it exchanged on Tuesday 5th October 2021.
In fact, during trading, participants bid as high as N415.2 to a dollar before it closed at N414.73/$1.
This happened despite a significant increase in foreign exchange supply in the market.
According to data, forex supply rose by 85.30 percent to $226.32 as against the $122.15 million recorded at the close of business in the previous session on Tuesday.
However, at the interbank market, naira recorded a slight gain against the U.S dollars.
Data from CBN shows naira exchanged to the dollars at N410.81 on Wednesday, compared to the 410.82 it traded on Tuesday.
Naira also improved against the Euro and British pounds on Wednesday to close at N474/€ and N559.5/ £.
On Tuesday the Euro and Pounds traded at N476/€ and N558.8/ £.
While at the black market, Traders who spoke to Ripples Nigeria at Ikotun and Ikeja said, naira exchanges at N575-N578 on Wednesday.
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