The pressure on the Nigerian currency continues to mount, as it is currently one step away from entering the N500/$1 mark on the parallel market of foreign exchange (forex) market
According to abokifx statistics, the naira closed on Thursday at N499 to the US dollar. This is a N1.00 or 0.20 percent depreciation from the N498.00 exchange rate with the US dollar on Wednesday.
The continued fx pressure also saw Naira crashed further against the British Pound Sterling, and Euro at the black market on Thursday.
The Naira declined by N3 to sell for N703/£1 on Thursday, down from N700/£1 on Wednesday.
It also dropped N4 against the Euro, closing at N602/€1 from N598/€1 the previous day.
The local currency, however, rose marginally against the US dollar in the Investors and Exporters (I&E) window the official foreign exchange market on Thursday, data posted on the FMDQ Security Exchange, shows.
The Naira at the window closed at N410.90, representing a 0.04 percent increase over the previous session’s rate of N411.06.
Foreign exchange supply on Thursday declined by 14.17 percent, with $140.76 million reported as opposed to $164.00 million reported in the previous session on Wednesday.
At the end of trading yesterday, the difference between official and unofficial market was at N88.1 up from N86.94 it stood on Wednesday.
By David Ibemere…
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....