Naira has depreciated to a record low at the black market after the local currency closed trading at N718/$1. This is according to information from Bureau De Change operators in Lagos State.
Recall that Nairametrics reported that Naira fell below the N700/$1 threshold; driven by a surge in the demand for forex in the country, amidst sustained scarcity. With the exchange rate now at N718 per dollar; it indicates that Naira has depreciated by N100 in just 10 days.
Bureau De Change operators cited a lack of FX and a surge in demand for the recent uncontrolled uptrend. Meanwhile, some bank users have complained that they have not been able to access their funds in their domiciliary accounts due to lack of liquidity.
Similarly, at the cryptocurrency P2P Exchange market, the rate has fallen to N705/$1, a 0.6% depreciation compared to N701/$1 recorded in the previous trading session. Naira has been under immense pressure in the past two weeks, falling from an average of N618 to a dollar recorded.
Meanwhile, Nigeria’s foreign reserve continued on its downturn with a 0.07% decline to stand at $39.25 billion; on Wednesday, 27th July 2022 compared to $39.27 recorded the previous day. Notably, the external reserve has dipped $196.71 million in one week, following the recent volatility in the exchange rate markets.