Naira Continues Free-Fall, Weakens Further At Official Market, See New Exchange Rate

Naira has continued free-fall, weakened further at the official market, see new exchange below.

Newsonline reports that in what has become a trend, the Nigerian official currency, the naira dropped in value again on Wednesday to make it three straight days of poor performance.

Data from FMDQ securities showed that at the Investors and Exporters window, the Nigerian currency dropped by 0.12 percent to close Wednesday trade at N417 to a dollar in contrast to N416.50/$1 it opened the week.

During the day’s trading, participants bid a dollar for as high as N444 as the market experienced a drop in forex supply to $97.91 million compared to Monday’s $201 million.

It was the same performance for Naira against the British pounds as it also depreciated In value by N1.21 to sell for N547.12/£1 compared to the previously traded rate of N545.91/£1.

Against the Euro also, the Nigerian currency lost N5.29 to quote at N461.83/€1 in contrast to Monday’s exchange rate of N456.54/€1.

At the black market, Naira continued its rate at N588 to a dollar.

Meanwhile, Glamtush reports that the USD started this week at ₦587 in Parallel Market also known as Black Market on Monday, March 28, 2022, in Lagos Nigeria, after it opened at #585 last week Monday, March 21, 2022.

Disclaimer: GLAMTUSH does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.