The Nigerian currency has hit a major low against the US dollar at the official market, and from all indications, the situation may worsen in the coming days. Data from FMDQ securities, the platform used for tracking the performance of the local currency in the official forex window, shows that on Monday, April 1, 2023, the Naira was valued at N463.50 per dollar.
Ads by This marks a significant drop from the previous closing rate of N461.38 per dollar and is the lowest value the Naira has ever recorded against the US dollar at the official market in recent times.
During the trading period, FMDQ data further revealed that participants such as foreign investors, exporters, and banks bid to buy dollars for as high as N466.00, indicating a lack of confidence in the Naira.
At the close of trading on Monday, April 3, a total of $175.40 million exchanged hands, representing a 6.9% or $12.97 million decrease compared to the previous session, BusinessDay reports.
Checks by news reporter from street traders, also known as the black market, show that the Naira is exchanged for the dollar at N745 when buying and N735 when selling.
Meanwhile, in the Peer-2-Peer (P2P) arm, the domestic currency trades at N760-N770, depending on the online platform.
There has been an increase in the demand for foreign currency from Nigerians travelling, importers, and investors looking to export their earnings.
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