Dev. Finance
Naira to dollar dips to new low, sells for N550
Nigeria’s naira to dollar exchange rate dipped further on Monday, September 13, 2021, to its lowest level in over 40 years at the parallel market.
At the parallel market/black market, the naira to dollar exchange rate depreciated and closed at N550 to one dollar compared to N532 to one dollar rate a week ago, precisely Tuesday, September 7, 2021.
This is an indication that within one week, Nigeria’s local currency lost more than three percent of its value, according to data from AbokiFX.
The value of the naira to dollar has been spiraling downwards since last month when the Central Bank of Nigeria (CBN) suspended the sales of forex to Bureau De Change (BDCs).
Checks showed that naira dipped to N750/£ against the British pound sterling at the parallel market from 723/£1 on Monday last week, while the euro depreciated to N636/€ from N625/€ last week.
At the I&E window where naira is traded officially, the naira to dollar rate however, gained 0.18 percent to close at N412.75/$ on Monday, according to FMDQ Group.
The group also recorded a daily turnover of $161.82 million on Monday.
The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee (MPC) meeting, announced the suspension of forex sale to the BDCs.
According to him, the forex traders have turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.
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