Nigeria sinks further against Dollar at official market

The Naira on Monday depreciated against the dollar at the Investors and Exporters window, exchanging at N434.75.

The figure represents a decrease of 0.75 percent, compared with N431.50 to the dollar at the close of business on Sept. 2.

The open indicative rate closed at N431.30 to the dollar on Monday.

The Naira sold for as low as N425 to the dollar within the day’s trading.

A total of 99.68 million dollars was traded at the official Investors and Exporters window on Monday.

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The exchange rate between the naira and the US dollar has plummeted from N565/$1 to N705/$1, representing a N140/$ loss year to date in the black market.

Meanwhile, the Naira ranks 11th worst-performing currency against the US dollar, according to Hanke’s Currency Watchlist.

The data shows that as of September 2, 2022, the Naira had lost 48.87% of its value against the US dollars compared to its value in January 2020.

The data also reveals that the Zimbabwean RTGS dollar, which has lost 99.33% of its value against the US dollars, is the second worst-performing currency in the world. The Venezuelan Bolivar was the worst-performing currency with a depreciation rate of 99.39%.