Naira depreciation against Dollar continues as forex crisis worsens |


The Nigerian currency, Naira, has continued its depreciation trend against the Dollar in the foreign exchange market.

A Bureau De Change Operator in Wuse Zone 4, Dayyabu Mistila, said the Naira exchanged at N1,160/$1 at the parallel market on Monday morning.

“The situation is difficult to predict. Right now, I buy Dollars at N1,150 and sell at N1,160/$1. I have enough foreign currency at the moment”, he stated.

Meanwhile, at the FMDQ market on Friday, the Naira closed at $/₦808.27.

The development comes weeks after the Central Bank of Nigeria lifted forex restrictions on rice, cement and 41 other items.

The apex bank had claimed that the move would halt the pressure on Naira at the forex; however, that impact is yet to be felt as the nation’s currency slumps against the Dollar.

DAILY POST recalls that since the floating of Naira on June 14, the Naira had continued to depreciate against the Dollar at the forex market.

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