Naira drops further, exchanges at 1060/$ at parallel market

The Nigerian currency closed at N848.12/$1 at official market Tuesday, against N778.80/$1 reported on Monday.

Findings show that the Naira went down from N1,100 to USD1.0 mid-day in the parallel market before settling at N1,060 in the major trading hubs in Lagos. It had hovered around N1,025 in the past month in the parallel market.

Though the exchange rate at the official Nigerian Forex Market, the Investors & Exporters (I&E) window gained some respite hovering around N790.61/ $1 yesterday after the downward rate of N848/$1 the previous day, the yesterday rate remained much higher than last week’s level while dealers expected further depreciation from today.

This is coming on the heels of manufacturers calling for the reversals of the Central Bank of Nigeria, CBN, decision to return the 43 items it had earlier banned from its foreign exchange window.

They said the ban was necessary in order to save the nation from looming job crisis, insecurity and collapse of the nation’s economy.