Naira dips further from N422.71 to N430 per dollar

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The Naira has continued to decline after it recorded another big fall in the official market on Tuesday, losing 0.9 per cent to the dollar.

FMDQ published data at the beginning of trading on Tuesday showed that the Nigerian Currency opened at N422.71 but closed at N430.00 to a dollar at the end of the trading window for the day, representing a N4.25 or 0.99 per cent devaluation from N425.75 recorded in the previous market day.

The Naira has been undergoing significant devaluation in the spot market for the last two weeks, dangling between N420 and N425 benchmark before dipping to N430 per $1 on Tuesday, which may be connected to the shortfall in forex supply.

READ ALSO: Naira loses against dollar, exchanges at 424.88 at investors window

 

According to reports from the black market in Uyo, Akwa Ibom State, dealers were exchanging the naira at N611.00 and sold at N616.00 to a dollar as at Tuesday.

Some of the currency dealers in the street of Uyo, blamed the Naira’s woe on scarcity of the dollar as a result of the account of forex traders being blocked by the federal government.