Naira Drops Further, Exchanges for N614 to USD1

Alt: = "Naira and dollar notes"

The Nigeria’s naira continues on a free fall as it exchanges for 614 naira to 1 United States dollar at the parallel market on Friday, May 14. 

Information gathered by Business Compiler from a cross section of Bureau De Change operators in Lagos on Friday morning shows that sell price is N614/$1, while buy price is N610/$1. 

The traders attributed the sharp fall to huge demand for dollar as against less supply of the currency.

Naira has been on steady fall for over some days now. It exchanged for N597$1 on Monday, N600/$1 on Tuesday, N602/$1 on Wednesday, and N610/$1on Thursday.

Naira lost about N4 today when compared to N610/$1 it exchanged the previous business day, representing 0.66 per cent depreciation. 

Read also: Digital Currency: Future of Money, End of Cash is Coming

Also, at the Investors and Exporters (I&E) window, the official forex market, Naira lost 0.3 per cent or N1.25 against the greenback to trade at N420.00/$1 in contrast to the previous day’s N418.75/$1.

Data from FMDQ securities, where Naira is officially traded shows an increase in the demand for forex as there was a  turnover roses to $160 million from the $115.78 million with $44.22 or 38.19 per cent recorded at the midweek session. 

Data from CBN currency also showed that, the exchange rate for the British Pound Sterling and the Euro closed at the same rate of N514.09/£1 and N438.91/€1 respectively.


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