Naira falls to weakest level in six months, as CBN confirms devaluation

Nigeria’s currency depreciated to a six-month low against the U.S dollars on Tuesday.

According to Abokifx data, at the parallel market the unofficial forex market, Naira exchanged in the street of Lagos at N487 to a dollar.

This represents a N1 drop when compared to the N486/$1 it opened the week on Monday with.

According to abokifx data the last time Naira traded at N487 was November 25, 2020.

Similarly, at the FMDQ Security Exchange where Naira is traded officially, the local currency weakened by 0.08 percent.

FMDQ data shows Naira exchanged at N411.56 to the dollar from N411.25/$1 it traded on Monday.

Read also: Naira continues free fall against U.S dollar

This represents 0.08 percent depreciation from Tuesday’s exchange rate.

Participants during trading bid for Naira at N363.00 and N420.25, according to data posted on the FMDQ Security Exchange where forex is officially traded.

This occurred as dollar supply to the market dropped to $130.50 million from $211.86 million on Monday.

Ripples Nigeria revealed on Tuesday that the Central Bank of Nigeria had officially embraced the NAFEX window for government transactions.

This move is said to be part of the apex bank’s endeavor to unify the country’s several currency rates in order to increase investor confidence.

At the close of Tuesday’s market the difference between official and unofficial exchange rate increased to N75.44

By Dave Ibemere…

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