For three consecutive days since the Central Bank of Nigeria (CBN) announced a new cash withdrawal policy, the value of the Naira has weakened against the U.S dollar, IgbereTV reports
Data obtained from the FMDQ securities showed the exchange rate between the naira and the US dollar closed at N446 to a dollar at the Investors and Exporters window on Thursday.
Wednesday’s rate at the official window represented a N0.17 or 0.3 percent devaluation from the N445.83/$ it exchanged on Wednesday, December 7 2022.
The depreciation of the naira was attributed to the rising demand for dollars.
This was evident as participants at the market priced a dollar as high as N452, despite a significant increase in foreign exchange supply in the market.
According to FMDQ data, forex supply rose by 80.9 percent to $231.20 as against the $ 127.78 million recorded at the close of business in the previous session on Wednesday.
Similarly, at the black market, Traders who spoke to Ripples Nigeria in Lagos said the value of the naira dropped on Thursday.
According to them, a dollar was sold at N760 to willing buyers and N743 to Nigerians looking to exchange their dollar for Naira.
