Monday, November 29, 2021

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Naira’s slide continues as dollar hits N535

Nigeria’s Naira extended its slide against the dollar on Wednesday, dropping to a new all-time low at the parallel market.

The naira has been falling steadily since the start of this month amid the lingering scarcity of foreign exchange in the country.

The local currency, which stood at 526/$1 at the end of last month, fell to 535/$1 at the parallel market on Wednesday from 532/$1 on Tuesday. It has lost 5.73 per cent of its value since August 4, when it closed at 506/$1.

Similarly, the naira dipped to 730 against the British pound sterling at the parallel market from 727/£1 on Tuesday, while the euro rose to N629 from N626.

At the I&E window, the naira weakened by 0.20 per cent to 411.50/$1 on Wednesday, according to FMDQ Group.

This is as the country’s forex reserves, which have risen consistently since August 25, have gained over $1bn in 13 days, according to data from the CBN.

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