Nigerian Naira recorded a very terrible loss Thursday as it weakened heavily to the dollar at all foreign exchange markets.
Data from FMDQ showed that at the Investors and Exporters (I&E) window of the foreign exchange (forex) market, Naira exchanged at N435/$1 on Thursday.
This is a 4.81 percent or N20 drop in value in 24 hours when compared with N415/$1 it closed on Wednesday.
This decline happened amid an increased demand for dollars by $107.81 million or 90.2 per cent.
FMDQ data shows the value of transactions on Thursday was $227.29 million in contrast to the previous day’s $119.48 million.
Similarly at the interbank segment of the market, the domestic currency also recorded a heavy loss against the greenback on Thursday, going down by 75 kobo to close at N412.70/$1 compared with N411.95/$1 it closed at the previous day.
At the same FX window, the Nigerian currency depreciated against the Pound Sterling by N4.23 to trade at N556.98/£1 in contrast to the previous session’s N552.75/£1.
Also, against the Euro, the Naira depreciated by 72 kobo to quote at N467.54/€1 compared with N466.82/€1 it was traded at the midweek session.
At the black market also Nigerian currency fell by N5 on Thursday to trade at N570 amid increased demand for dollars.
Traders who spoke to Ripples Nigeria revealed that the low performance of Naira to dollar was a reaction to the increased demand for many preparing to travel but can’t go through the hassles of the bank.
“We give you dollars easily instead of the bank stress, but we have to make money,” a trader at Ikeja said.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...