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Naira Watch

Naira weakens further at official, black markets amid dollar shortage



The value of Nigerian currency weakened further to the US dollar across all foreign exchange markets as companies, traders and intending travellers scrambled to get their hands on the greenback.

Data from FMDQ securities showed that Naira at the Investors and Exporters (I&E) window, depreciated against the US Dollar to N416.67/$ on Thursday.

Read also: Nigerian currency gains against US dollar, as Naira ranks 4th worst performing in Africa

This is a 0.04 per cent or 17 kobo drop in value when compared to the previous day’s exchange rate of N416.50/$1.

While Naira against the British Pound Sterling and the Euro closed at N558.23/£1 against the Pounds and against the Euro, it closed at N466.37/€1.

At the black market, Naira continued its freefall exchanges at N577/$ as traders took advantage of more people seeking dollars through unofficial means.

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