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It’s Not Looking Good For Naira; One Pound Exchanges For N750, Dollar Goes For ……….

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The value of the Nigerian currency fell further at the black market on Monday, as traders who pay a premium to obtain foreign currencies from independent sources continued to pass the cost on to Nigerians seeking quick access.

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Reports also have it that banks are finding it difficult to meet demands from Nigerians, creating a window of opportunities for traders at the black market to profit.

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According to data from Abokifx Nigerian Naira lost N5 against U.S dollars on Monday to close at 550/$1 compared to N545/$1 it exchanged last Friday.

Also at the black market, the Nigerian currency lost N7 against the Pound Sterling, closing at N750/£1, from N743/£1 on Friday.

However, it remained unchanged against the Euro, closing at N636/€1 the same rate from previous session.

Naira also depreciated on Monday at the Investors and Exporters (I&E) window, one the official channel for foreign exchange.

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According to data recorded on the FMDQ securities exchange window, the naira closed at N412.75 per $1 on Monday.

This translates to a N0.75 or 0.20 per depreciation from the N412.00 it exchanged hands with the greenback currency in the previous session on Friday last week.

The exchange rate at the I&E window on Monday, in fact, set a new record for the official Naira dollar exchange rate.

FMDQ data also revealed that participants were willing to pay as much as N414 for a dollar, this again highlights Nigeria’s ongoing FX crisis.

Meanwhile at the market forex turnover increased by 83.10 percent to $161.82 million during the market session, up from $88.39 million the previous session on Friday last week.

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As at the end of trading on Monday, the difference between official and unofficial dollar exchange rate now stands at N137.25.

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