By Jimmy
Reports have revealed that the Nigerian Naira has again lost more value against the US Dollar in the foreign exchange market.
According to data from the official FMDQ market, the Naira exchanged a rate of N874.71 per US Dollar on Wednesday, November 8, marking a decline of N65.51 compared to the previous day’s rate of N809.2 per US Dollar.
The Naira regained some value against the US dollar at the parallel market last week after the American currency slipped, with the local currency exchanging below N1000 in the parallel market. The Naira had strengthened against the Dollar when the Central Bank of Nigeria (CBN) cleared forex backlogs to some commercial banks and airlines last week.
SEE: Godwin Emefiele: Top 5 things he did for Central Bank of Nigeria
This development was considered remarkable since it exchanged above N1000. From N1,150 in the parallel market last week Thursday, the dollar exchanged for N950 the following day (Friday) evening and below in the morning, gaining over N200.
Nigerians had celebrated the development as the local currency maintained its recovery a couple of times in the last few days.
However, there seems to have been a stumble as, in the parallel market, the Naira was said to have traded at N1,110 per US Dollar on Wednesday, slightly higher than the rate of N1,100 observed the day before.
An operator at a Bureau de Change in Zone 4 Abuja, Dayyau Mistila, who spoke to journalists on the development, revealed that Nigerians purchased Dollars at a rate of N1,100 on Wednesday.
“We sold dollars at N1110 on Wednesday and bought it at 1100 per Dollar,” Daily Post quoted Mistila as saying.
