BREAKING: Naira Crashes At Forex Markets (DETAILS)

BREAKING: Naira Crashes At Forex Markets (DETAILS)

According to market data published on the FMDQ website, the Nigerian Naira experienced a decrease in value compared to the US Dollar in the Investors and Exporters (I&E) market on Wednesday…CONTINUE READING

Furthermore, the local currency depreciated further on the unofficial market, approaching the threshold of N1000 per US Dollar.

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Regarding the official exchange window, data from Wednesday revealed that the Naira concluded at a rate of N782.38 per $1. Throughout the business day, the Naira fluctuated between a high of N730.00 and a low of N800.00 before settling at N782.38 at the end of trading hours.

This rate signifies a decline of N24.87 or 3.3% from the rate at which the Naira was traded against the US Dollar in the preceding session on Tuesday. During the business period, foreign exchange supply amounted to $60.26 million.

In the informal market, reports indicate that the US Dollar was being exchanged at N905.00 and sold for N910.00. This situation is exacerbated by increasing inflation and a growing demand for foreign exchange in the country.

Over the past three months, since the move to unify exchange rates was implemented, the Naira’s value has consistently decreased in the official market. It is now trading at N782.38 and has surpassed the rate of N465.13 per dollar recorded in mid-May.