Traders Panic As Naira Depreciates Thrice In 6 Hours

14875

Currency traders in Lagos became worried on Wednesday as the naira depreciated thrice in six hours at the parallel market.

The traders who were perturbed by the ugly trend; held meetings at different markets to analyse the rationale behind the sudden depreciation, after it had appreciated for about four weeks.

A dollar was exchanged for N467 as of 4:45 pm, after it traded for N455, and N460 in a couple of hours on Wednesday, while the pound sterling and Euro closed at N560 and N505, respectively.

The nation’s currency, after weeks of sustained appreciation, stabilized at N455 to a dollar prior to its depreciation by N12 on Wednesday.

At the Bureau De Change (BDC) window, the Nigerian currency sold at N385 to a dollar, CBN controlled rate, while the pound sterling and the euro closed at N553 and N500, respectively.

The official interbank market was not isolated from the depreciation fever as the naira lost N1.78 to close at N306.78, from N305 it posted previously.

Though traders at the market could not offer sufficient reason for the performance of the naira at the parallel market; they believe that the liquidity challenge would ease off by today after BDCs would have bought Forex from Travelex in Lagos.

Subscribe to Our VIP Newsletter

Previous articleFG Appeals To Emirates, Others Not To Withdraw Services
Next articleMass Sack In Nigeria’s Oil Industry, Over 3,000 Affected
Hamilton Nwosa

The New Diplomat stands for ethical journalism, press freedom, accountable republic, and gender-equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally. From our insightful reports of political issues to our riveting investigations and analyses of business, socio-economic, and cross-cutting sectors, The New Diplomat remains ever committed to investigative reporting and ethical journalism. Support and partner with The New Diplomat today, to guarantee a positive future for all under an atmosphere of free press!

LEAVE A REPLY

Please enter your comment!
Please enter your name here