Oh No!! Naira Bows To Dollar Again

The value of the Nigerian currency is opening the week at an all-time low at the official market against the U.S dollar.

Data from the FMDQ securities exchange window where forex is officially traded, showed that naira closed at N414.90 per $1, on Friday at the Investors and Exporters window, the weakest ever.

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In fact, Naira’s performance on Friday represents a significant drop of N1.22 or 0.30 percent in value from N413.68 it exchanged per dollar on Thursday.

Naira performance at the official market follows rush by Nigerians to the official market, as CBN continues its clampdown on black market traders.

Although CBN has continuously assured of availability of forex for genuine users, demand pressure has continued to push Naira fighting to survive.

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In fact, some reports put the present black-market rate at N580 to the dollar.

According to the reports, naira exchanged to the dollar at 580 on Friday, while the Pound Sterling traded for 780 at the parallel market.

“Some Bureau de Change operators who spoke to the source said that the naira to the dollar was bought and sold at 575 and 580, while the Pound Sterling was bought and sold at 775 and 780,” one report said.