By Dunamis Ogalah The Naira has continued to decline after it recorded another big fall in the official market on Tuesday, losing 0....
By Dunamis Ogalah
The Naira has continued to decline after it recorded another
big fall in the official market on Tuesday, losing 0.9 per cent to the dollar.
FMDQ published data at the beginning of trading on Tuesday
showed that the Nigerian Currency opened at N422.71 but closed at N430.00 to a
dollar at the end of the trading window for the day, representing a N4.25 or
0.99 per cent devaluation from N425.75 recorded in the previous market day.
The Naira has been undergoing significant devaluation in the
spot market for the last two weeks, dangling between N420 and N425 benchmark
before dipping to N430 per $1 on Tuesday, which may be connected to the
shortfall in forex supply.
According to reports from the black market in Uyo, Akwa Ibom
State, dealers were exchanging the naira at N611.00 and sold at N616.00 to a
dollar as at Tuesday.
Some of the currency dealers in the street of Uyo, blamed
the Naira’s woe on scarcity of the dollar as a result of the account of forex
traders being blocked by the federal government.
No comments