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Naira slides to N589/$1 at parallel market as FX liquidity crisis persists

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TOP STORY: Naira slides to N589/$1 at parallel market as FX liquidity crisis persists | TheCable

The figure represents N1 or 0.2 per cent depreciation compared to theCurrency traders known as Bureaux De Change operators told TheCable that the forex liquidity crisis still persists in the market despite low demands.“People have not really resumed. It may be because of the holiday. Most of the shops are locked. People are not buying, the demand is low, but dollar is now scarce,” Alhaji Musa told TheCable.

At the official market, checks by TheCable showed that the local currency closed at N419 per dollar at the end of the last trading day , according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.On Wednesday, the US Federal Reserve is expected to raiseIn March, the Fed hiked its benchmark borrowing rate for the first time since late 2018, upping it by a quarter-percentage-point.

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