Naira’s free fall continues, now exchanging at N550 to $1

On Monday, September 13, the Nigerian Naira sank further against the US dollar, closing at N550/$1 in parallel markets, down from N545/$1 the day before.

The naira closed at N412.75 per $1 at the official window on Monday, the lowest decline the currency has seen on the official window, according to statistics recorded on the FMDQ securities exchange window where forex is officially exchanged.

This equates to a N0.75 or 0.20 per cent depreciation from the N412.00 it swapped hands for with the greenback currency on Friday last week.

The new exchange rate represents a 0.92% depreciation and further widens the gap between the black market rate and the official rate.

The 550/$ is considered a major psychological barrier to a continuous fall against the greenback that could plunge further to N600/$.

On the first trading business day of the week, the dollar broke that ceiling and sold as high as N553/$ in some market clusters in Lagos. The pound sterling also closed at about N750/£, the highest against the naira, at the black market.

The slump at the black market comes on the heels of increased forex demand pressure and a sharp decline in dollar supply.

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