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.
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.
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