Naira Declines Against US Dollar, Remains Pressure Across FX Segments

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The local currency depreciated by 50 kobo from N386 it traded against the US dollar on Monday to N386.50 on Tuesday.

Activity on the window declined as total turnover traded by investors declined from $122.89 million recorded on Monday to $14.37 million Tuesday.

On the parallel market, the Naira remains under pressure at N460 to a US dollar. Its lowest rate in almost a year and it has remained at that rate for almost a week.

Against the British Pound, the Nigerian Naira was exchanged at N560 on the parallel market, the same rate it has been trading since Friday.

Similarly, the Naira remained flat against the Euro single currency, exchanging at a record-low of N505 on the parallel market. The same rate it exchanged on Monday.

Forex scarcity and economic uncertainty amid weak foreign revenue generation continue to dictate the value of the nation’s currency despite efforts by the Central Bank of Nigeria to maintain stability across the forex segments.

Nigeria’s total debt profile stood at N28.82 trillion as of June 2020. Further highlighting the nation’s precarious position in terms of debt service and fiscal buffer.

– Investors King.

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