Oh No!! Naira Takes A Huge Tumble Against The Dollar At Official Market (Details)

Oh No!! Naira Takes A Huge Tumble Against The Dollar At Official Market (Details)

Naira fell further by 1.68 percent against the U.S dollar at the official market on Thursday, after reaching a record low on Wednesday.

The local currency exchanged hands with the greenback at N422.07 per $1 on Thursday, the lowest rate ever recorded at the official window, according to data published on FMDQ securities exchange window where forex is officially traded.

This indicates a N6.97 or 2.00 per cent devaluation from N415.30 to a dollar rate it exchanged in the previous session on Wednesday.

Naira performance on Thursday became effective as forex turnover remained unchanged from $306.77 million recorded in the previous session on Wednesday.

It experienced an intraday high of N405.00 and a low of N419.00 before closing at N422.07 per $1 at the close of business on Thursday.

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At the black market in Abuja, dealers exchanged naira at N570.00 to a dollar on Thursday, while in Uyo, dealers said they exchanged the currency at N 565.00, and sold at N568.00 to a dollar on Thursday.

In July, the Central Bank of Nigeria (CBN) stopped forex sales to the Bureau de Change operators and assured that it would supply forex to legitimate users through the banks.

However, while speaking at the Mid-Term Ministerial Performance Review Retreat on Monday, Vice-President Yemi Osinbajo urged the CBN to have a “rethink” of its foreign exchange management policy.

He said naira was artificially strong and that its exchange rate should reflect its actual market value to encourage foreign investment. This has since provoked further debate.

“As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply,” Osinbajo said.