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Naira’s reduction continues, hits N540 per dollar

Naira’s reduction continues, hits N540 per dollar

Nigerian currency on Thursday reduced to an all-time low of N540 per dollar at the unofficial market as demand pressure persists.

As reported by which many investors regard as the clearest mirror of the free market rates, the reduction indicates that Naira has devalued by 0.93 percent compared to N535/$ which was traded previously at the same market.

Recalled that Nigeria’s currency fell suddenly to N525 from N504 to the dollar as at July 28, after the Central Bank of Nigeria (CBN) informed the public that it would cut off the sale of dollars to the Bureau De Change (BDC) operators as a result of foreign exchange infractions.

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As reported by BUSINESS DAY, traders of currency who participated in the trading session on Thursday maintained bids per dollar between N400.00k and N412.85k.

According to data from the FMDQ, Naira also weakened marginally by 0.04 percent at the Exporters (I&E) forex window and Investors as the dollar was quoted at N411 67k/$ on Thursday as against N411.50k quoted on Wednesday. Information Guides Nigeria

Analysts at Afrinvest Securities Limited said, “it is likely that the Special Drawing Rights (SDR) inflow has been received as the foreign exchange reserves added $780m between August 24 and September 9, 2021 and as such, the foreign reserves should stay afloat for the most part of September, barring a major outflow”.

These Analysts are of the opinion that Nigeria’s currency is not the main cause of inflation. According to them, findings show that a 10 percent depreciation of the Naira within one year would only push inflation up marginally by 0.34 percent but if the unofficial market exchange rate reduces by 10 percent, from N530/US$ to N583/US$ then this will cause inflation from 17.38 percent to 17.72 percent”. JAMB Result

Check and Confirm: How much is Dollar to Naira today

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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