One British pound exchanges for N700, as Naira moves towards 500 per dollar

On Tuesday, the naira took a significant battering, falling to new lows against the British pound, Euro and U.S dollar in the black market.

Data from Abokifx a website that tracks black-market rate in Lagos shows, that naira dropped considerably in value by N10 against the British pound, trading at N700/£1 as opposed to N690/£1 on Monday.

The crashing of the domestic currency against the Pound Sterling reinforces traders’ concerns about FX liquidity.

Similarly, The Nigerian Naira lost N1 against the Euro, selling at N596/€1 compared with N595/€1 of the previous session.

The US Dollar at the parallel market on Monday closed at N498/$1 this represents a 0.61 per cent depreciation from N495/$1 the rate, it exchanged hands in the last three consecutive sessions.

Read also: Bureaux De Change operators blame forex speculators for naira crisis

There are speculations it might hit N500/$1 in the coming days.

However, at the Investors and Exporters’ (I&E) window, the Naira also traded flat against the greenback yesterday, selling at N412/$1, the same rate it traded in the previous session on Monday.

Data posted on the FMDQ Security Exchange showed that the turnover for the day dropped further by 22.74 percent, with $96.91 million posted as against $125.44 million posted in the previous session on Monday.

Market participants bid for the currency at N420.33 and N400.00 before closing at N412.

At the end of the trading, the spread between the official and unofficial exchange rate for dollars stood at N86.

By David Ibemere…

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