The Nigerian naira has recorded another loss against the US dollar in the foreign exchange market.
Data from FMDQ securities shows that the naira crashed to N1466.31/$1 on Friday, May 10, 2024, on the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
The closing rate on Friday represents a 0.5% or N6.58 depreciation of the naira’s vanaira’sn compared to the previous day’s closing rate of N1,459.73/$1.
The pressure on the naira was clearly evident, as during intraday trading at the NAFEM window, some participants paid as high as N1,490 to purchase a dollar.
Interestingly, the fall of the naira is despite a rise in the supply of forex into the spot market, as the turnover stood at $113.78 million, 34.8% or $29.40 million higher than the $84.38 million recorded a day earlier.
The CBN data also showed that the naira lost N135 of its value against the pound sterling in the official market on Friday, selling at N1,800.62/£1 compared with the preceding day’s valuday’sN1,765.90/£1.
It also fell by N29.67 against the Euro to close at N1,551.04/€1 versus N1,521.37/€1.
In the parallel market, also known as the black market, the naira fell against the US dollar.
BDC trader Abdullahi told TimesNow.com.ng that a dollar sells at N1,480/$1 on Sunday, May 12th, compared to the previous rate of N1,470/$1.
He said:
Due to the naira’s poor performance, it has become one of the worst-performing currencies in the world just weeks after it was the best.
Earlier, TimesNow.com.ng reported that the Central Bank of Nigeria adjusted the Nigeria Customs Service foreign exchange rate to clear imported goods at Nigerian ports.
Peter Obi reacted to the latest changes and expressed concerns that they could lead to the death of many businesses.
He further advised the government on actions to help the naira recover against the US dollar.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
