- The Nigerian currency has continued to depreciate at an appealing rate for three days in a row after its record fall on Wednesday
- The Naira has lost 3.33 per cent value since the beginning of 2022 and 80 per cent value in the last seven years.
- The Naira traded at a record low of N705 per dollar on Wednesday and N703 on Thursday and could not recover in both the official and parallel markets.
In the past three days, there seems to be no end to the steady, downward fall of Nigeria’s local currency, the Naira.
According to BusinessDay, the Naira has depreciated to its lowest at N436.50 per dollar on Wednesday, September 7, 2022, at the Investors and Exporters window.
The FMDQ say the Naira depreciated by 0.11 per cent to trade at N436.50 per dollar, compared to N436 quoted on Tuesday, September 6, 2022, at the official market.
Scarcity of dollar continues to plague the Naira
The fall of the Naira has been blamed on the scarcity of the dollar. Nigeria continues to battle the diversification of foreign exchange inflows.
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The local currency has fallen by 3.32 per cent from the N422 quoted on the first trading day of the year.
Forex dealers participating in the FX auction stated that bids were between N418.00 (low) and N4437.50 (high) per dollar.
On the black market, the Naira exchanged at N703 per dollar after the close of business on Wednesday and Thursday.
It's depreciation spree for the Naira
It weakened by N1 per dollar from N702 it traded the day before.
It depreciated by over 19.51 per cent in the black market from N565 per dollar at the beginning of the year.
At the money market, the Over Night rate went up by 0.67 per cent to close at 13.50 per cent as against the last day when it closed by 0.67 per cent.
And at the Open Repo rate, the Naira also increased by 0.67 per cent to close at 13.00 per cent compared to 12.33 per cent on the day before.
Naira exchanges for N705 per dollar at the black market as FX supply dips
Legit.ng reported that Nigerians have been troubled as the country's currency slipped back to N705 on Monday, September 5, 2022.
The exchange rate between the naira and the dollar fell to N705 per dollar for those buying foreign exchange in the black market.
The fall of the naira represents 0.43 per cent depreciation compared to N702 per dollar recorded on Friday, September 2, 2022.