Naira continues free fall in the black market, sinks to new low

On Monday, Nigeria’s local currency, the Naira dropped against the U.S. dollar at the black market as it exchanged at N532.00 to a dollar, the lowest it ever traded at the black market.

This is a 0.40 per cent drop in its value from the N530.00 it traded in the last two trading sessions prior to Monday (Thursday and Friday) last week.

At the Investors and Exporters (I&E) window where the currency is officially traded, it made some gains as it closed at N411.13 per $1 on Monday, according to data posted on the FMDQ Securities Exchange.

This represents a N0.37 or 0.10 per cent appreciation from the N411.50 rate it traded in the previous session on Friday last week.

The supply of foreign exchange on Monday in comparison to previous trading session of Friday last week, also dropped by 24.00 per cent with $97.54 million recorded as against the $127.51 million previously posted.

At the close of business on Monday, the Naira approached an intraday high of N400.99 and a low of N412.53 at the trading session before closing at N411.13.

The disparity between the black market and official market rates was 22.72 per cent at the close of business on Monday, which translates to N120.87.