The Naira has dropped in value against the US dollar for three days in a row, giving the Central Bank of Nigeria (CBN) even more problems as black market dealers continue to profit from official market pressure.
Data obtained from the FMDQ securities shows the exchange rate between the naira and the US dollar closed at N431/$1, at the Investors and Exporters window.
Naira fell further against the US dollar from N696/$1 recorded on Wednesday to N698/$1 on Thursday, representing a 0.29 per cent depreciation as FX traders attributed the falling currency to sustained scarcity of the dollar and increased demand.
The exchange rate had recovered from the shocking downturn recorded in late July when naira dipped as low as N718 to a dollar. The rate averaged around N672/$1 in the first week of August and maintained stability for most parts of the month.
However, surging demand for foreign exchange and liquidity crunch has driven rate upward and depreciated the local currency at the unofficial market.
Similarly, at the cryptocurrency peer-to-peer exchange, naira fell to N696/$1 in the early hours of Thursday, from N692.9/$1 recorded in the previous trading session.
The exchange rate at the official Investors and Exporters window also depreciated in the last trading session, falling marginally by 0.08 per cent to close at N431/$1 from N430.67/$1 recorded on Tuesday, 23rd August 2022.
FMDQ data also showed that participants exchanged a total of $131.30 million during trading.
