The value of the Nigerian Naira continues to fall against the dollar as it exchanged at N550 to$1 on Monday, the 13th of September.
This is a N5 drop from the previous trading session in the parallel market.
Data collected at the FMDQ securities exchange window where forex is officially traded, showed that Naira closed at N412.75 to the $ on Monday.
That is is the lowest the currency has fallen in the official window ever. This value translates to N0.75 or 0.20 per depreciation from N412 it exchanged with the the greenback in the previous session, by Friday last week.
The latest exchange rate translates to a 0.92% drop and further widens the gap between the parallel market rate and the official rate.
As predicted by the black market traders when the market received its drastic devaluation by the banning of the trading sector, the Naira will likely hit N1000 to the $ by December.
By the next trading window, which is in a couple of days, the Naira is predicted to exchange for N600 to the $.
On the first trading business day of the week, the dollar broke that ceiling and sold as high as N553/$ in some market clusters in Lagos. The pound sterling also closed at about N750/£, the highest against the naira, at the black market.
The slump at the black market comes on the heels of increased forex demand pressure and a sharp decline in dollar supply.
Read also:
FOREX Rates Hits All-Time Low in Nigeria’s Parallel Market
Naira Value Continues to Fall, Now 550 to $1
Central Bank of Nigeria (CBN)