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Naira Loses Value Against US Dollar Days After Raising Hopes

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Naira Bounces Back Against US Dollar As CBN Moves To Clear Forex Backlog

Reports revealed that Nigerian Naira has again lost more value against the US Dollar in the foreign exchange market.

According to data from the official FMDQ market, the Naira exchanged a rate of N874.71 per US Dollar on Wednesday, November 8, marking a decline of N65.51 compared to the previous day’s rate of N809.2 per US Dollar.

In the parallel market, the Naira was said to have traded at N1,110 per US Dollar on Wednesday, slightly higher than the rate of N1,100 observed the day before.

An operator at a Bureau de Change in Zone 4 Abuja, who spoke to journalists on the development, Dayyau Mistila, revealed that Nigerians purchased Dollars at a rate of N1,100 on Wednesday.

“We sold dollars at N1110 on Wednesday and bought it at 1100 per Dollar,” Daily Post quoted Mistila as saying.

Naija News reports the Naira had strengthened against the Dollar when the Central Bank of Nigeria (CBN) cleared forex backlogs to some commercial banks and airlines last week.

Last week Friday, Naira regained some value against the US dollar at the parallel market. The dollar slipped against Naira with the local currency exchanging below N1000 in the parallel market.

The Naira had been regaining its ground against the widely patronized US currency in the last few weeks, a development considered remarkable since it exchanged above N1000. From N1,150 in the parallel market last week Thursday, the dollar exchanged for N950 the following day (Friday) evening and below in the morning, gaining over N200.

Nigerians had celebrated the development as the local currency maintained its recovery for a couple of times in the last few days.