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Naira Watch

Naira falls further as traders predict N600/$1 exchange rate in Q2

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Some black-market traders have started hoarding dollars in anticipation of further devaluation of Naira amid rising pressure at the official market over dollar scarcity.

On Monday morning, visits to some of the black-market trading spots in Okota, Ikotun and others at Eko Hotels in Victoria Island who spoke to Ripples Nigeria on the phone confirmed that Naira now exchanges to a dollar for N577 to N582 to a dollar.

One of the traders who simply gave his name as Mallam Salisu predicted that Naira could weaken further above N600/1$.

Read also: Naira weakens further at official, black markets amid dollar shortage

According to him, getting dollars is now more difficult due to the Central Bank of Nigeria’s policies and the available one for sale is being rationed in anticipation of a bigger gain.

Meanwhile, at the official market, Naira opened the new week at N416.50/$1 after ending last week with a 0.04 per cent or 17 kobo gain, in contrast to N416.67/$1 it was traded on Thursday.

CBN data also showed that against the British Pounds sterling, Naira recorded an appreciation of N12.46 to sell for N545.77/£1 on Friday compared to the previously traded rate of N558.23/£1.

Naira also gained on Friday against the Euro to close at 458.51/€1 a N7.86 increase compared to the preceding day of N466.37/€1.

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