Naira Sinks to N436 at Investors, Exporters FX Market
At N436, no respite in sight for the Nigerian local currency naira in the foreign exchange (FX) market. The local currency continues to drop in value amidst rising demand for foreign currency.
The declining value of the naira signals possible devaluation is cooking in an already pressured local economy battling a high level of price inflation. Despite the naira’s worsening exchange rate, analysts said the Central Bank of Nigeria is unlikely to accept devaluation ahead of 2023 election.
After crossing N431 for the first time in the year, the local spiral downward as the naira depreciated by 0.29% to N436.00 from N434.75 per dollar at the Investors and Exporters FX window on Tuesday. READ: Naira Sinks at Investors Window, Parallel FX Rates Worsen
Market data shows that the open indicative rate closed at N433 to the dollar on Tuesday. Traders said an exchange rate of N437.50 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.
Meanwhile, the Naira sold for as low as N425 to the dollar within the day’s trading. Overall, a total of 63.05 million dollars was traded at the official Investors and Exporters window on Tuesday. # Naira Sinks to N436 at Investors, Exporters FX Market
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