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Naira Woes Continues. Hits All Time Low

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Naira declined against the U.S. dollar at the official market Friday, reaching its lowest rate in that market, even as foreign exchange supply rose marginally.

Data from the FMDQ securities exchange window where forex is officially traded, showed that naira closed at N414.90 per $1, the lowest it has ever traded at the so-called Investors and Exporters window.

The currency’s performance on Friday represents N1.22 or 0.30 per cent devaluation from N413.68 it exchanged on Thursday.

At the black market in Abuja on Friday, dealers said naira exchanged as low as 570 in the morning, but later rose to 568 per a dollar in the evening as demand reduced.

Forex turnover dipped by 10.10 per cent with $193.59 million recorded against the $175.86 million posted in the previous session on Thursday.

Naira staged an intraday high of N400.00 and a low of N415.20 before closing at N414.90 per $1 on Friday.

This is coming just a week after the CBN expanded its clampdown on those it claimed contributed to the currency’s rapid decline in recent months.

The central bank initially stopped sales of forex to Bureaux De change operators and last week forced abokiFX to stop publishing black market rates.

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