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Naira: Nigeria’s Currency Hits All-Time Low At Forex Markets

Meanwhile, the local currency also depreciated further at the unauthorised market on Tuesday amidst lingering dollar scarcity and high demand.

Naira slipped to an all-time low at the official and unofficial markets on Tuesday to trade N1,482.57 and N1,491.00 respectively

Naira slipped to an all-time low against the United States dollar across forex markets on Tuesday as the Central Bank of Nigeria (CBN) moved to clear dollar backlogs owed to foreign airlines operating in the country.

According to data published by FMDQ, naira closed Tuesday at N1,482.57 per $1 at the official market. The rate represents 10 per cent depreciation from N1,348/$1 the domestic currency traded in the previous session on Monday.

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Meanwhile, the local currency also depreciated further at the unauthorised market on Tuesday amidst lingering dollar scarcity and high demand.

According to parallel market rates posted on Tuesday, the dollar was exchanged at N1,491.00 per $1 at the black market segment.

This implies that the spread between the official and unofficial window stands at N8.4.

Concerns

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In the face of the continuous depreciation of the naira, the CBN has blamed inadequate dollar liquidity for the uncertainty, promising to boost supply and clear the pending backlog of foreign exchange demand.

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