Naira dips to N557/$1 at black market amidst increasing demand

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Factual Pursuit of Truth for Progress

 

The exchange rate at the parallel market depreciated again to another all-time low on Tuesday to close at N557/$1 compared to N550/$1 recorded in the previous trading session.

This implies a 1.3% depreciation and further widens the gap between the black market rate and the official rate.

The local currency crashed by N7 at the black market to hit a new low following CBN’s actions to channel forex demand away from the window as buyers scramble to buy the scarce dollars.

Currency speculators are taking advantage of the huge exchange rate difference between the official market and the black market.

The demand pressure for forex continued despite an 8% improvement in dollar supply at the official window.

At the official NAFEX window, the exchange rate appreciated against the US dollar on Tuesday 14th September 2021 to close at N412.08 to a dollar, representing a 67 kobo gain compared to N412.75/$1 recorded in the previous trading day.

The opening indicative rate closed at N412.18/$1 on Tuesday, 14th September 2021, a 28 kobo gain when compared to N412.46/$1 recorded on Monday, 13th September 2021.

An exchange rate of N414.90 to a dollar was the highest rate recorded during intra-day trading before it settled at N412.08/$1, while it sold for as low as N400/$1 during intra-day trading.

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