Naira Slides on the Black Market Amid Scarcity
The Naira lost N2 against the United States dollar on Tuesday following persistent scarcity across key forex segments, according to Investors King’s Daily Naira rate.
The local currency slid by N2 to N452 per dollar, down from N450 it traded on Monday and on Tuesday morning across the nation’s parallel markets.
Against the British Pound, the local currency lost N3 from N550 it was exchanged on Monday and earlier on Tuesday to N553 per GBP.
This continues against the Euro single currency as the local currency plunged by N5 from N485 it traded on Monday to settle at N490 on Tuesday.
On the Investors and Exporters’ Forex Window, the Naira gained N0.50 to close at N386 against the US dollar on Tuesday after falling to as low as N389.99 during the trading hours. Naira was exchanged to the US dollar at N386.50 on Monday on the I&E Fx Window.
On activity level, a turnover of $15.31 million was recorded on Tuesday, up from the $14.27 million traded on Monday.
The Central Bank of Nigeria’s official exchange rate to a US dollar remains N361.
