Naira in big drop against the dollar

Naira weakened against the US dollar in the official market on Friday, after the currency appreciated in the last two consecutive trading days in the spot market. The local unit that opened trading at N427.00 closed at N430.00 per dollar on Friday, data published in the FMQ website where forex is officially traded showed. This implies a devaluation of N4.00 or 0.94 percent of the N426.00 that you traded in the previous trading session on Thursday. The naira reached an intraday high of N406.90 and pegged at a low of N444.00 before closing at N430.00 for $1 on Friday, the last trading day of the week. This is the weakest rate the currency has traded at the Nafex window this week. However, the weakest rate the naira has traded this year was the N430.33 mark which closed on Friday of last week. The coin has been trading within the range of the N417 and N430.33 benchmarks on the official market for the past six months amid currency shortages. The supply of foreign currency in the market on Friday plummeted 79.83 percent to $36.47 million recorded at the close of business compared to $180.83 million recorded in the previous session on Thursday. Similarly, the naira depreciated further in the parallel market on Friday, inching towards the N700 at dollar rates. Street market traders in Uyo exchanged the naira for N658.00 and sold it for N660.00 per dollar on Friday. “The market is bad today,” one forex broker, Shuaibu, told PREMIUM TIMES in an interview. He said it was difficult for them to withdraw dollars from their banks, so the naira-to-dollar exchange rate is widening. ALSO READ: Naira wins after record drop “The banks are hoarding the dollar from us,” he added. On the black market in Abuja, currency dealers said they exchanged the dollar for the green coin at N655.00 per dollar and sold at N658.00 on Friday. “The price started going up from last year when CBN banned giving dollars to traders,” a dealer in the Wuse Zone 4 market who declined to have his name printed told PREMIUM TIMES in an interview on Friday. He also said that the dollar shortage was due to bankers hoarding the bills. “Even today, some EFCC officials came to harass us saying that we are the people who cause the inflation,” he said. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Naira in big drop against the dollar