See latest naira to dollar exchange rate after another negative trading day

• The worth of the naira depreciated further against the US dollar successful the overseas speech markets again
• The latest question affected some the authoritative and unofficial speech complaint for the naira against the dollar
• ABCON president has raised concerns connected the volatility of the Nigeran currency successful the forex markets

Legit.ng journalist Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Nigerian naira has mislaid much worth against the US dollar successful the authoritative and authoritative overseas speech markets.

According to information from the Nigerian Autonomous Foreign Exchange Market (NAFEM) naira fell to N1,537.05/$1 connected Friday, March 21.

The worth of naira depreciates against dollar Photo credit: Bloomberg/contributor
Source: Getty Images

Friday's speech complaint represents N2.72 oregon 0.18% depreciation erstwhile compared with compared with the preceding day’s N1,534.33/1$.

It was a antithetic communicative for the naira successful the aforesaid official forex marketplace against the British lb and besides the euro.

CBN information shows that the speech complaint was unchanged connected Friday arsenic the lb sterling and the euro closed astatine N1,972.89/£1 and N1,657.81/€1, respectively the aforesaid complaint from the erstwhile day.

The apex slope besides provided a snapshot of the naira's authoritative speech rates against different currencies.

• CFA - N2.54
• Yuan/Renminbi - N211.15
• Danish Krona - N222.23
• Euro - N1,657.81
• Yen - N10.28
• Riyal - N408.05
• South African Rand - N84.05
• Swiss Franc - N1,731.47
• Pound sterling - N1,972.89

Naira continues to conflict against the dollar, adding much unit to Nigerian households. Photo credit: Nurphoto
Source: Getty Images

Black marketplace dollar speech rate

The naira nevertheless fell against the dollar successful the achromatic marketplace besides known arsenic the parallel market.

A BDC trader Abdullahi told Legit.ng that the naira mislaid N5 of its worth and it is getting person to the N1,600 speech complaint mark.

He said:

"We accrued the dollar selling speech complaint to N1,590 from the past trading day. This is due to the fact that we person much customers connected Fridays. I expect the dollar to transverse N1,600 this week."For the British pound, determination are nary important changes; it remains astatine N2,050 for the selling complaint and N2,005 for the buying rate. Meanwhile, the euro has a selling complaint of N1,703 and a buying complaint of N1,655."

Meanwhile, Aminu Gwadebe, the president of the Association of Bureau De Change Operators of Nigeria (ABCON), has raised concerns astir the existent volatility of the naira.

He noted that the overseas speech (forex) marketplace is facing immoderate challenges.

Gwadebe said:

’The Naira, unfortunately, is suffering an inconsistent travel bedeviled by each kinds of wars ranging from Trade war, complaint warfare and speculative onslaught and truthful becoming the astir unpredictable currency successful the world.’’

ABCON says banks not selling dollars to BDC operators

Legit.ng reported that Gwadabe, successful a chat with Legit.ng, raised concerns that BDCs are grappling with the constricted availability of forex.

He accused commercialized banks of failing to merchantability overseas speech to them.

According to the ABCON president, the concern puts the naira successful a precarious presumption successful the overseas speech market.

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Source: Legit.ng