Naira records biggest fall against US dollar in 2022 - TrendyNewsReporters Naira records biggest fall against US dollar in 2022 - TrendyNewsReporters
Finance

Naira records biggest fall against US dollar in 2022

by Ebor Cletus Ralph Jr

At the official market, the value of the naira has fallen to its lowest level against the US dollar in the previous seven months, and things could grow worse in the months to come.

According to FMDQ Securities statistics, the Naira depreciated by N4.25 or 0.99 percent from Monday’s market session, when it reached N425.75, to finish at N430 on Tuesday at the official market.

The last time Naira exchanged at N430 or above was Thursday, 30th December 2021 at the official market.

Within the past two weeks, it has been trading between the range of N420 and N425 and above the benchmark before getting worst on Tuesday.

Given Tuesday’s poor forex availability and rising US interest rates, the Naira’s fall was anticipated.

The market’s forex supply plummeted to a staggering $47.56 million.

Meanwhile, Black market traders who spoke to Ripples Nigeria said they bought the naira at N611.00 and sold at N616.00 to a dollar on Tuesday.

prelliotaglobalconcept

TV Presenter/ Content Writer

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
--Advertisements--
--Advertisements--

Get premium latest news For Free

X