While forex is scarce, naira has also been trading in recent time at weak rates both at the official and parallel market.
As recorded by NAFEX, in the past six months, naira exchanges with the U.S dollar have been in the range of N417 and N430.33 benchmarks before falling a new low of N431.00 at the official market on Tuesday.
This connotes a N3.87 or 0.90 per cent devaluation from N427.17 which it exchanged in the previous session on Monday.
Naira which once fluctuated high to N414.00 also came low to N444.00 before closing at N431.00 per $1 on Tuesday.
Notably, on Tuesday, Forex at the market dropped by 35.40 per cent with $58.03 million posted at the close of market against the $89.79 million recorded in the previous session on Monday.
This however is the weakest rate the currency has traded at the NAFEX window in 2022. The new record of 0.2 per cent is weaker than the N430.33 weakest rate the currency closed at on 15 July.
Worthy to note that NAFEX is the official market for foreign currency transactions in Africa’s biggest economy regardless of any Nigerian who choose to get their dollars from the black market.
Exchanger at the black market also said the forex scarcity made currency dealers to exchange at no stipulated amount on Tuesday.
While passing a comment on the depreciation, a currency trader in Uyo, Akwa Ibom state, Shuaibu said, “People are buying and selling as they like, I cannot tell you that this is the fixed amount we exchanged today.”
He also mentioned that naira was even bought and sold between N670 and N685 mark and above.
“The market has scattered, people are just buying and selling anyhow,” he furthered.
Meanwhile, at the Abuja black market, currency dealers said they exchanged the naira with the greenback currency at N670.00 and above to a dollar on Tuesday.
- Tags: Black market, Dollar, Naira
