Naira’s falls drastically, now exchanges between ₦562 and ₦570 for 1$

On Wednesday, the Nigerian Naira hit a new time low as it is now exchanging between N562 and N570 for 1$ in parallel markets.

Though data recorded on the FMDQ securities exchange window where forex is officially traded, showed that the naira closed at N412.06 per $1 at the official window on Wednesday, September 15, the same rate it exchanged on Tuesday September 14, walk-in customers exchanged between N562 to N567 for $1. Similarly, checks in Kano, Kaduna and Lagos showed that the prices fluctuated between N564 and N570/1$.

Some BDCs confirmed huge demand for forex at the moment with some of the operators disclosing that most of the demands were from SMEs that were having difficulty accessing forex from banks.

The forex turnover remained unchanged with $175.10 million recorded at the spot market, the same rate posted in the previous session on Tuesday.

The domestic unit hit an intraday high of N400.00 and a low of N414.90 at the trading session before closing at N412.06 on Wednesday.

The Naira is the currency of Nigeria. One naira is divided into 100 kobo. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order to ensure monetary and price stability