Naira has finally hit the N600 to a dollar mark as forex scarcity pushes more businesses to patronize the unregulated market.
Traders in some parts of Lagos who spoke to Ripples Nigeria in the early hours of Tuesday confirmed the new exchange rate of Naira to the dollar.
Tuesday rate is a significant drop in value from N585 it traded on Monday, May 9th 2022.
The Nigerian currency also weakened by 0.48 per cent or N2 against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market.
According to data from the FMDQ Securities Exchange, the local currency was exchanged for the US Dollar at N419.00/$1 compared with the preceding session’s exchange rate of N417.00/$1 amid a low supply of forex to traders at the market window.
Naira’s poor performance happened as forex availability dropped to $53.26 million compared with the $88.43 million achieved last Friday, representing a decline by $35.28 million or 39.90 per cent.
Data from CBN shows that the Naira also depreciated against the British Pound Sterling on Monday by N1.07 to trade at N514.42/£1 compared to the previously traded rate of N513.35/£1, while against the Euro, it appreciated by 76 kobo to close at N438.70/€1 in contrast to last Friday’s value of N439.46/€1.
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