The Nigerian currency (N) further slide against the dollar as it dropped to a new unprecedented low at the parallel market on Wednesday 8, 2021.
The naira (N) has been falling gradually since the start of this month amid the lingering scarcity of foreign exchange in the country, despite the rise in foreign exchange (FX) reserves.
The value of the naira fell against the US currency at both the parallel market and the Investors’ and Exporters’ forex window on Wednesday.
The local currency, which stood at 526/$1 at the end of August 2021, fell to 535/$1 at the parallel market on Wednesday from 532/$1 on Tuesday. It has lost 5.73 per cent of its value since August 4, when it closed at 506/$1.
Similarly, the naira (N) bowl-shaped to 730 against the British pound sterling at the parallel market from 727/£1 on Tuesday, while the euro rose to N629 from N626.
According to Financial Market Dealers Quotation (FMDQ) Group, the naira weakened by 0.20 per cent to 411.50/$1 on Wednesday, at the I&E window. No less than 55 per cent to 60 per cent of Nigerian forex transactions are traded at this window, which is used by the Central Bank of Nigeria and most exporters and investors.
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