Naira falls heavily as exporters continue to battle forex shortages

The Naira has fallen heavily to the US dollar as investors, and exporters continue to battle with forex shortages.

Data from FMDQ securities showed Naira closed the market on Wednesday at 424.88 to the dollar against 421.00 traded on Tuesday, a 0.80 percent depreciation.

During trading, participants exchanged Naira for the dollar as high as N444.00 before it settled at N424.88.

FMDQ also reported that a total of 112.83 million dollars transaction was carried out by participants compared with 206.65 million dollars traded on Tuesday.

At the official market, CBN data shows Naira also performed poorly in the interbank segment of the forex market.

Naira’s value against the Pound Sterling dropped to N505.90 compared to N509.82/£1 it was exchanged on Tuesday.

It was a similar situation against the Euro as it closed to N437.59 from N439.49/€1 yesterday.