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Naira Watch

Naira value falls against US dollar at official, black markets

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

Nigerian currency has fallen to a one-month low on the black market as traders continue to react to the Central Bank of Nigeria’s strict forex policies.

Black market traders in Ikotun, Ago, Surulere, and Ikeja areas of Lagos State who spoke to Ripples Nigeria confirmed that Naira to the dollar exchange rate was N572-574 compared to N562-N565 it traded last week.

According to them, the increase in the exchange rate was due to the difficulty in obtaining foreign currencies.

It was a similar outcome for Nigerian currency at the official market as it dropped in value by N0.27 or 0.07 percent.

Read also: Naira starts week with a gain to the dollar

Data from FMDQ showed the domestic currency closed at N415.00 to a dollar at the close of business on Monday from the N414.73 rate to a dollar it exchanged on Friday last week.

This happened as forex supply to the market rose to $225.94 million compared to $103.01 million recorded on Friday.

The Central Bank of Nigeria failed to provided data for interbank exchange rate for Monday.

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