Naira Falls By 17% To N951/$1
The naira fell by 17.91 per cent to N951.22/$ on the official Investor and Exporter forex window on Wednesday.
This was as the dollar supply fell by 4.94 per cent to $135.58m from $142.63m.
Data from FMDQ Securities Exchange revealed that the naira lost N144.49 against the dollar after closing trading on Tuesday at N806.73/$.
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The naira opened trading at N828.33/$ on the day before hitting a high of N1159.10/$ and low of N701.00/$. It eventually closed trading at N951.22/$. Total dollar turnover on Wednesday was $135.58m.
The naira’s volatility in the market continued despite efforts by the Central Bank of Nigeria to stabilise the national currency.
Recall that Nigeria’s foreign exchange reserves fell by $1.6bn to $32.97bn since the CBN tried to unify the country’s foreign exchange rates, putting pressure on the naira.
