Naira falls further at black market, hits N550/$

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The value of the Nigerian currency fell further at the black market on Monday, as traders who pay a premium to obtain foreign currencies from independent sources continued to pass the cost on to Nigerians seeking quick access.

Reports also have it that banks are finding it difficult to meet demands from Nigerians, creating a window of opportunities for traders at the black market to profit.

According to data from Abokifx Nigerian Naira lost N5 against U.S dollars on Monday to close at 550/$1 compared to N545/$1 it exchanged last Friday.

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Also at the black market, the Nigerian currency lost N7 against the Pound Sterling, closing at N750/£1, from N743/£1 on Friday.

However, it remained unchanged against the Euro, closing at N636/€1 the same rate from the previous session.

Naira also depreciated on Monday at the Investors and Exporters (I&E) window, one the official channel for foreign exchange.

According to data recorded on the FMDQ securities exchange window, the naira closed at N412.75 per $1 on Monday.

This translates to a N0.75 or 0.20 per depreciation from the N412.00 it exchanged hands with the greenback currency in the previous session on Friday last week.

The exchange rate at the I&E window on Monday, in fact, set a new record for the official Naira dollar exchange rate.

FMDQ data also revealed that participants were willing to pay as much as N414 for a dollar, this again highlights Nigeria’s ongoing FX crisis.

Meanwhile at the market, forex turnover increased by 83.10 percent to $161.82 million during the market session, up from $88.39 million the previous session on Friday last week.

As at the end of trading on Monday, the difference between official and unofficial dollar exchange rate now stands at N137.25.