Naira crashes to all-time record low against dollar - TrendyNewsReporters Naira crashes to all-time record low against dollar - TrendyNewsReporters
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Naira crashes to all-time record low against dollar

by ebor cletus ralph jr

As the agony of currency shortage on travellers and importers grows, the value of the naira is currently at an all-time high in relation to the US dollar.

According to black market dealers who talked on Monday morning, a dollar might go for as much as N730 for buyers and N720 for sellers.

The dealers acknowledged that the week’s spike in dollar demand over the weekend could get worse.

 

When compared to N714 traders exchanging dollars on Friday, Monday morning rates represented a 2.24 percent loss in the value of the Naira.

 

The naira has decreased by 29.20% at the current rate from N565 per dollar at the start of the year.

Nigeria’s currency has been on a free fall on the black market, but for Godwin Emefiele, Governor of the CBN, an unregulated market is “a tainted market in Nigeria, where people desire to deal in illegal foreign exchange (FX) transactions including sourcing of FX cash for purposes of offering bribes, corruption. That is where they deal.”

CBN also advised Nigerians to resist the urge to succumb to the speculative activities of some players in the foreign exchange market.

Meanwhile, at the Investors and Exporters (I&E) forex window, also known as the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX), and the official market, naira appreciated marginally by 0.04 per cent as the dollar was quoted at N436.33/$ on Friday as against N436.50/$ quoted the previous day.

On Friday, most currency dealers who participated in the foreign exchange auction maintained bids between N425.00 (low) and N438.00 (high) per dollar.

The data indicated that the daily foreign exchange market turnover increased marginally by 4.29 per cent to $106.11 million on Friday from $101.74 million recorded on Thursday.

prelliotaglobalconcept

TV Presenter/ Content Writer

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