Forex: Again, naira falls against dollar

Naira plunged further on Tuesday, depreciating 0.9 per cent against the dollar at the official market.

The local currency, which opened trading at N422.71 closed at N430.00 to a dollar on the dot on Tuesday, data published by FMDQ, where forex is officially traded, revealed.

This represents a N4.25 or 0.99 per cent devaluation from N425.75 posted in the previous market session on Monday.

It is the lowest rate the naira has exchanged with the greenback. It closed at N425.75 to a dollar on Monday.

Within the past two weeks, the currency has witnessed significant devaluation in the spot market. It has been trading between the range of N420 and N425 and above the benchmark before settling at N430 per $1 at the close of sales Tuesday amidst a shortfall in forex supply.

At the Uyo black market, dealers exchanged the naira at N611.00 and sold at N616.00 to a dollar on Tuesday.

“What we are seeing now is that the dollars are very scarce and the federal government is blocking our people’s dollar account anyhow,” currency dealers at Uyo street market lamented.

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