The foreign exchange market has seen a continuation of the Naira’s downward trend versus the Dollar.
The Naira traded at N1,160 to the dollar on Monday morning, according to Dayyabu Mistila, a Bureau De Change operator in Wuse Zone 4.
“It’s hard to forecast the circumstance. I now purchase dollars at N1,150 and sell them for N1,160 each $1. I now have adequate foreign cash, he said.
On Friday, the Naira ended at $/808.27 on the FMDQ market.
The change occurs a few weeks after the Central Bank of Nigeria relaxed currency limits on 41 other products, including cement and rice.
Although the apex bank said the action would stop the pressure on the Naira at the exchange, the effect has not yet been noticed.
The nation’s currency is depreciating against the Dollar, despite the apex bank’s claims that the action will relieve pressure on the Naira in the forex market.
Recalls that the Naira has been losing value versus the dollar on the foreign market ever since the currency was floated on June 14.
