Home Banking & Finance Naira continues to fall, exchanges at N1000/$

Naira continues to fall, exchanges at N1000/$

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The naira on Thursday closed trading at N996.75/$ on the Investor & Exporter forex window despite the effort of the Central Bank of Nigeria to strengthen the foreign exchange market.

The naira declined by 13.95 per cent from the N874.71/$ it closed trading on Wednesday.

According to details on FMDQ OTC Securities Exchange, the naira has lost 27.75 per cent of its value since opening the week at N780.23/$.

Last ween, news broke that the apex bank was clearing some of its backlog broke leading to the naira firming up against the dollar, however, the naira has been on a steady decline in both the official and parallel markets.

So far, the naira has lost about 40 per cent of its value in 2023, earning the tag of one of the worst performing African currencies from the World Bank.

In the parallel market, the naira experienced a 20 per cent decline, falling from N950/$ as of Friday to close to N1,140/$ as of Thursday according to Bureaux De Change operators.

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