The crises festering in the Nigeria’s currency exchange market has doubled down with the local currency depreciating further across all segments of the market.
Vanguard’s monitor of the market indicated that the Naira went down to N1,100 to USD1.0 mid-day in the parallel market before settling at N1,060 in the major trading hubs in Lagos. It had hovered around N1,025 in the past one month in the parallel market.
Though the exchange rate at the official Nigerian Forex Market, the Investors & Exporters (I&E) window gained some respite hovering around N790.61/ $1 on Wednesday, October 18, after the downward rate of N848/$1 the previous day, the rate remained much higher than last two week’s level while dealers expected further depreciation going forward.
Source: Vanguard News
Read more: https://www.vanguardngr.com/2023/10/naira-hits-new-low-1060-as-man-kicks-at-policy-reversal-2/
