Naira's Free Fall Continues, Now Exchanging At N550 To $1

Login Register Forum Rules


Trends

Naira’s free fall continues, now exchanging at N550 to $1

Naira'S Free Fall Continues, Now Exchanging At N550 To $1


Naira

The Nigerian Naira depreciated further against the US dollar on Monday September 13, closing at N550/$1 compared to N545/$1 recorded in the previous trading session in parallel markets. 

 

From the data recorded on the FMDQ securities exchange window where forex is officially traded, naira closed at N412.75 per $1 at the official window on Monday, the lowest decline the currency touched on the official window. This translates to a N0.75 or 0.20 per depreciation from the N412.00 it exchanged hands with the greenback currency in the previous session on Friday last week.

 

The new exchange rate represents a 0.92% depreciation and further widens the gap between the black market rate and the official rate.

 

The 550/$ is considered a major psychological barrier to a continuous fall against the greenback that could plunge further to N600/$.

 

On the first trading business day of the week, the dollar broke that ceiling and sold as high as N553/$ in some market clusters in Lagos. The pound sterling also closed at about N750/£, the highest against the naira, at the black market.

 

The slump at the black market comes on the heels of increased forex demand pressure and a sharp decline in dollar supply.


Ads

Investment Opportunity; Buy A Plot Of Land At Atan Ota For 350k In An Estate ,1 Acre For 1.2m A Plot At Ibeju Lekki For 1.5m. Reg Survey & Cofo. Call: Britho Homes Ltd.

Call Us Message Us

1 Comment

Leave a Response


X

Ad Blocker Detected!

We Pay Hosting Companies Thousands Of Naira Monthly to keep HiTNG working. Please Disable Ad Blocker so we can make little from your view.

Refresh

Hello guys , register on Hitng for free start commenting on post and the top 3 users get a reward.