Naira suffers heavy loss after ‘miraculous’ recovery, trades above N760/$1

The Nigerian currency, Naira, has returned to default settings at the black market 48 hours after recovering 26.24 per cent of its value loss.

On Monday, Naira kicked off the new week with a massive loss to the US dollar on the black market, relinquishing as much as 11 per cent of recovered value from last week.

Checks by Ripples Nigeria show the local currency was quoted at an average of N770/$ as against N680/$ quoted on Friday at the black market.

Nairarates, a bot that tracks currency, as at 4pm on Monday, recorded Nigerian currency was exchanging at as high as N790 in some parts of Lagos.

While various reports show that in Abuja and Kano, the naira traded at 760-775 per dollar as against 700-710 last week.

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When contacted, a trader who gave his name as Tajudeen said the massive depreciation of the naira on Monday was a result of the dollar shortage and rising demand.

While analysts say, the dollar’s strong showing on Monday against Naira was also due to the fact a rumour that the US government wants to sweep up dollar notes from Africa has been proven false.

At the Investors and Exporters (I&E) forex window, the official window for foreign exchange in the country, the naira appreciated by 0.08 per cent as the dollar was quoted at N445.75 on Friday as against the last close of N446.10 on Thursday, data from the FMDQ indicated.

The naira has fallen by over 5 per cent this year to N446.10/$ as of November 10, 2022, from N422.67/$ at the start of the year at the I&E window.

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