Naira Slides Further Against Pound, Euro, Dollar

Liquidity scarcity plunged the Nigerian Naira against global counterparts at the black market on Wednesday.

The local currency declined by N3 from N475 it exchanged against the United States Dollar on Tuesday to N478 on Wednesday.

Similarly, the Naira remained under pressure against the European common currency at N557. Representing a N4 decline from N553 it traded on Monday.

Against the British Pound, the Naira depreciated by N7 to N607, down from the N600 it was exchanged on Friday.

At the Investors and Exporters’ Forex Window published by the FMDQ Group, the Naira improved by 0.31 percent or N1.05 to N384.80, better than the N385.85 it opened the day. Investors traded $58.85 million on Wednesday.

The Central Bank of Nigeria’s Naira to US Dollar official exchange rate remained N379.

As of Tuesday, November 17, 2020, Nigeria’s total debt profile stood at N25.61 trillion.