Naira trades at new low of N700 to one British pound, dollar N500 at black market

The Nigerian currency, Naira on Tuesday fell to new lows against the British pound, Euro and U.S dollar in the black market.

Data from Abokifx a website that tracks black-market rate in Lagos shows, that naira dropped considerably in value by N10 against the British pound, trading at N700/£1 as opposed to N690/£1 on Monday.

The crashing of the domestic currency against the Pound Sterling reinforces traders’ concerns about FX liquidity.

Similarly, The Nigerian Naira lost N1 against the Euro, selling at N596/€1 compared with N595/€1 of the previous session.

The US Dollar at the parallel market on Monday closed at N498/$1 this represents a 0.61 per cent depreciation from N495/$1 the rate, it exchanged hands in the last three consecutive sessions.

At the Investors and Exporters’ (I&E) window, the Naira also traded flat against the greenback on Tuesday, selling at N412/$1, the same rate it traded on Monday.

Also, the data posted on the FMDQ Security Exchange showed that the turnover for the day dropped further by 22.74 per cent, with $96.91 million posted as against $125.44 million posted on Monday.

The market participants bid for the currency at N420.33 and N400.00 before closing at N412.

The spread between the official and unofficial exchange rate for dollars stood at N86 at the end of the day trading.