Connect with us

Naira Watch

Naira records historic collapse against U.S dollar

Published

on

Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The value of Nigerian currency fell further to a new record low to the US dollar at the official market, as the country’s currency market continues to struggle to fulfill demand.

Data from FMDQ securities shows at the Investors and Exporters (I&E) Naira crashed by a massive N6.97 or 1.68 percent against the United States Dollar to close at N422.07/$1.

This is in contrast to the N415.10/$1 Naira exchanged on Wednesday.

Naira’s struggle is evident as the total value of transactions carried out stood at $141.94 million, 53.7 percent or $164.83 million lower than the $306.77 million recorded on Wednesday.

The low liquidity in the market caused a serious panic, forcing participants at the I&E window to buy dollars as high as N436.

Read also: Confusion over CBN’s Naira/Dollar exchange rate

The poor performance of Nigerian Naira is coming as a surprise to many observes who expected that the massive rise in Nigeria’s foreign reserves will assist the Nigerian currency in regaining some kind of stability.

Also, at the interbank segment of the market Naira depreciated by 4kobo to close at N410.91 for a dollar.

Naira to the dollar at the interbank had traded consecutively at N410.87/$1.

At the Black Market, traders who spoke to Ripples Nigeria at Ikotun and Ikeja reacted to the official market to exchange at a dollar at N578.

Join the conversation

Opinions

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.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

three × 4 =

Investigations