Monday, November 29, 2021

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Naira plunges to all-time low of 530/dollar, pounds hits 720

The Naira dropped to a fresh record low against the dollar, the British pound sterling and euro on Thursday as foreign exchange scarcity persists in the country.

The naira, which stood at 526/$1 on Tuesday, fell to 530/$1 at the parallel market on Thursday from 528/$1 on Wednesday.

The local currency also plunged to 720 against the pound at the parallel market from 717/£1 on Wednesday, while the euro rose to N620 from N616 on Wednesday.

At the I&E window, the naira weakened further to 411.67/$1 on Thursday from 411.50/$1 on Wednesday, according to FMDQ Group.

No less than 55 per cent to 60 per cent of Nigerian forex transactions are traded at this window, which is used by the CBN and most exporters and investors, according to Financial Derivatives Company Limited.

The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.”

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