Naira Hits New Low, Exchanges for N1,205/$ at Unofficial Market
- The value of the naira has continued to depreciate against the dollar
- On Monday, October 23, the naira broke a new low at N1,205 to a dollar
- The Nigerian currency also lost its value against the British Pound and Euro
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Naira has again broken a new record, starting the week with a new low against the dollar on Monday, October 23, 2023.
The naira to a dollar started the week, selling at N1,200 per dollar in the early hours of today. However, Aboki FX reported by noon that the naira to a dollar sold for N1,205 per dollar.
Source: Getty Images
As of the time of this report, the data shows that demand for the dollar had pushed the buying price to N1,195/$ and the selling price to N1,205/$ in the unofficial market.
Meanwhile, on the official channel, data from FMDQ shows that as of Friday, October 20, 2023, the naira to a dollar closed at N808.27.
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Naira crashes against the Pound and Euro
Naira to pound (£) started the day with buying and selling prices at N1,380/£ and N1,390/£, according to Aboki FX.
After a few hours, however, British Pound Sterling was buying and selling for N1,430/£ and N1,450/£.
Similarly, the Euro (€) opened the day with buying and selling prices at N1,180/€ and N1,190/€. By noon, the Euro was busying and selling for N1,230/€ and N1,240/€.
Analysts believe that the continuous fall in the value of the naira could be attributed to a mix of requests from the 43 items restored to access foreign cash and demands for school fees, among others.
Former President Olusegun Obasanjo emphasized that Nigeria has the potential to overcome its foreign exchange (forex) challenges and the decreasing value of the naira.
“It Is Not Us”: ABCON Reveals Those Behind Naira Free Fall as One Dollar Sells for N1,200
The Association of Bureau de Change Operators (ABCON) of Nigeria has denied involvement in the naira’s sharp depreciation in the foreign exchange market, Legit.ng reported.
In a statement, the association’s president, Aminu Gwadabe, said unlicensed forex dealers and not its members are responsible for the speculative activities.
He stressed that the high exchange rate does not benefit Bureau De Change operators.
Source: Legit.ng
