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Naira Falls To Lowest N848/$ At Official Market

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Nigeria’s naira closed trading at a record low of N848 per dollar on the official market yesterday, according to data from FMDQ, as dollar shortages persist.

That’s nine percent lower than the closing rate of N778/$ on Monday, representing the biggest single day decline this month.

One of the traders said on Tuesday that individuals who want to travel for business, school, health and tourism are buying dollars from the street traders because they could not meet their demands from the official market.Naira on Tuesday afternoon fell to an all-time low of N1,050 per dollar following strong demand for dollars at the parallel market, popularly called the black market.

Nigeria’s currency weakened against the dollar on Monday as foreign exchange market liquidity declined by 18.72 percent at the official market. According to the data obtained from the FMDQ, the daily foreign exchange market turnover, which reflects the level of liquidity or transaction in the market, declined by 18.72 to $43.09 billion on Monday from $53.02 billion recorded on Friday.

 

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