The value of the Nigerian Naira weakened further on Wednesday, making two straight days of losses and a complete reversal of gains recorded early in the week at the official foreign exchange (FX) market, IgbereTV reports
Data from FMDQ securities where Naira is officially traded shows Naira value dropped to N419.33 a dollar compared to the closing rate of N418.50/$ on Wednesday.
Naira’s weak trading happened as forex supply shrunk to a low of $82.56 million as participants were forced to scramble for available dollars.
It was a different story for Naira against the British Pounds and Euro as it again appreciated.
However, CBN data shows that Naira continues to stay strong against the British pound as it extended its appreciation for three days.
Nigeria’s currency ended at N522.53/£1 on Thursday, up from N527/£1 on Wednesday, and it also rose against the Euro, closing at N439.3/€1 on Tuesday, up from N443.5/€1.
Meanwhile, the Central Bank of Nigeria (CBN) has recorded its first withdrawal from Nigeria’s external reserves for the month of March 2022
