Naira loses further at official market amid cash crunch

The naira fell slightly against the United States dollar at the Investors and Exporters window on Friday, extending its losses to two consecutive days in the spot market amid a shortage of the currency in the country.

Data published in FMDQ websitewhere forex has been officially traded, indicating that the domestic currency closed at ₦461.75 per $1 on Friday- the last business day of this week.

This translates to N0.35 or 0.08 percent depreciation from N461.40 to the dollar recorded in the previous session on Friday.

Data posted shows that the Naira opened the day trading at N461:33 per $1, but traded at an intraday range of N446.00 (high) and touched a low of N462.04 before settling at N461.75 on Friday.

In the day’s business period, the official window recorded $67.57 million as foreign exchange turnover.

This week, the strongest rate the naira has exchanged hands with the greenback is N461.35 per dollar which closed on Wednesday, while the weakest rate the naira plunged in the week was N462.00 per dollar traded on Monday and Tuesday.

Meanwhile, the naira gained significantly in the parallel market after the general election and the ongoing cash crisis in the country due to the implementation of the naira redesign policy. Central Bank of Nigeria.

According to currency traders on the streets of Abuja, the naira was trading at N750.00 to the dollar on Friday, while a Bureau De Change operator in Uyo said the naira had been trading in the range of N740 and N745.00 since Monday.

Currency traders said the dollar was exchanged at N740.00 per $1 on Friday and sold at N750.00.

“People have come to exchange dollars since the beginning of this week. I think that’s why the price has gone down compared to last week when we exchanged at N760.00,” a trader in Uyo who identified himself only as Shaibu told PREMIUM TIMES in an interview.