Nigeria’s currency plunged to a record low of N1,416 per dollar at the parallel market following significant demand and a shortage as dealers hoarded the available dollars.
When compared to N1,200 at the start of the month, this showed a 15.19 percent annual depreciation.
“Some people are hoarding the dollars waiting for when the demand will be high. Again, the market is uncertain of the next action by the government, a trader who gave his name as Aliu said.
At the official foreign exchange (FX) market, naira weakened by 0.41 percent as the dollar was quoted at N882.24 on Wednesday as against N878.61 closed on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ showed.
Currency dealers quoted a dollar at N1,313 (high) on the spot and N700 less during Wednesday’s intraday session. But compared to Tuesday’s quotes, the rates were stronger at N1,336.05 and N701, respectively, per dollar.
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