Naira hits all-time low at official market

Naira weakened significantly against the U.S. dollar at the official market Friday, reaching its lowest rate in that market, even as foreign exchange supply rose marginally.window where forex is officially traded, showed that naira closed at N414.90 per $1, the lowest it has ever traded at the so-called Investors and Exporters window.

Forex turnover dipped by 10.10 per cent with $193.59 million recorded against the $175.86 million posted in the previous session on Thursday.

N570 for $1 - that's like saying 1 American is worth 570 Nigerians. 0.00175438596 cents; that's the value of a Nigerian's life in 2021. 0.00175438596 cents. Cheap or what?

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Why Naira Parallel Market Rate Is CrashingThe value of the naira had within two months, depreciated by 16.1 per cent or N80 from N495 at which it was being sold in July, to N575 as at Monday The value of the naira had within two months, depreciated by 16.1 per cent or N80 from N495 at which it was being sold in July, to N575 as at Monday morning. The depreciation of the value of the local currency had begun just after the CBN announced that it will no longer be selling foreign exchange to bureau de change operators.
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Naira loses at official marketThe currency has failed to make quality gain at the black market too. Hmm...
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