Naira falls to lowest level at official window, as dollar demand jumps by 181.61%

On Wednesday, the official market saw the Nigerian currency, the Naira, drop to its lowest level versus the US dollar.

The Naira in the investor and exporters window fell to a low of N456.33 to the dollar, according to data from FMDQ Securities.

This rate reflects a 0.95 percent devaluation from Tuesday’s rate of N452 and the lowest official level at which the Naira has ever been officially exchanged for the US dollar.

The rush for foreign currency by importers trying to bring in foreign products to sell during the Christmas season is partly responsible for the decline in the value of the naira. Additionally due to travellers looking to travel abroad’s rush for the dollar.

Data showed that forex demand in the I&E window jumped by 181.61 percent to $377.48 million when compared to $134.04 recorded the previous day.

At the black market, Naira averaged N745/$1, the same as recorded in the previous trading session.

According to the traders, they buy FX between N735/$1 and N740/$1, while they sell at a minimum of N743/$1 and a maximum of N745/$1.