Naira falls to lowest level at official window

The Nigerian currency, the Naira on Wednesday fell to its lowest level against the United States dollar at the official market.

Data from FMDQ securities showed that Naira at the investor and exporters window dropped to a low of N456.33 to a dollar.

This is the lowest level Naira has exchanged for the dollar officially and also represents a 0.95 percent devaluation when compared to Tuesday’s rate of N452.

The drop in Naira can be largely attributed to the rush for foreign currency by importers looking to bring in foreign goods to sell during the holiday season. And also due to the rush for the greenback by holiday seekers aiming to go abroad.

Data showed that forex demand in the I&E window jumped by 181.61 percent to $377.48 million when compared to $134.04 recorded the previous day.

At the black market, Naira averaged N745/$1, the same as recorded in the previous trading session.

According to the traders, they buy FX between N735/$1 and N740/$1, while they sell at a minimum of N743/$1 and a maximum of N745/$1.