The Country’s currency, the Naira, slumped massively against the US Dollar on Friday at the official foreign exchange market.

Official data from FMDQ disclosed that the Naira depreciated to N1099.05 on Friday from N843.07/$1 on Thursday.

The figure represents an N255.98 loss at the local market compared to the N843.07/$1 it closed on Thursday.

This is the first time the country’s currency was exchanged at over 1,000 in the official exchange in two months.

The development comes despite the dollar supply increasing to $137.35 on Friday from $135.58 million on Thursday.

Similarly, Naira depreciated at the parallel market, exchanging at N1180/$1 on Friday compared to the 1170/$1 on Thursday.

Dayyabu Mitstila, a Bureau de Change operator in Zone 4, Abuja, confirmed the figure to DAILY POST on Saturday.

“On Friday, we sold US Dollar N1180/$1 and bought at N1170/$1”, he said.

DAILY POST reports that the Central Bank of Nigeria increased the exchange rate for cargo clearance from N783/$ to N952/$ amid the foreign exchange crisis.

Recall that the Governor of CBN, Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary barely two weeks ago, expressed optimism over the stability of Naira.

“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

Despite his assurance, the Naira has continued to experience fluctuations in the FX market since June 14, when CBN floated the country’s currency.

By Ogaga Ariemu

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