Naira trades at record low, falls to N1,420/$ at parallel market

The Naira reached an unprecedented low of N1,420 on Thursday marking a 4.03 per cent or N55 decline compared to Wednesday’s closing rate of N1,365 at the parallel market.

Also, the official Investors and Exporters (I&E) window experienced a decrease, concluding at N900.96 on Thursday as opposed to N882.24, indicating a 2.12 per cent decline or a N18.72 weakening.

However, the daily turnover witnessed a notable 103.44 per cent surge in a single day.

On Wednesday, the turnover was $56.60 million, while Thursday’s turnover reached $115.19 million.

Furthermore, the highest spot rate recorded on Thursday was N1,399 compared to N1,313 recorded on Wednesday. Also, the lowest spot rate recorded on Thursday was N789 compared to N700 recorded on Wednesday.

The naira’s fall has persisted despite the best efforts of the CBN to save it, piling more pressure on the economy and the average Nigerian.

Recently, the apex bank announced it has paid $2bn as part of FX backlogs, also the Federal Government through the Nigerian National Petroleum Company Limited got a $2.25bn oil-for-cash loan facility from the African Export-Import Bank to boost FX liquidity.

A parallel market operator noted there has been an increase in demand.

Said he: “It looks like those people who speculate have started again because we have been getting calls of people buying in thousands causing scarcity.”