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Nigerians panic as Naira depreciates three times in six hours

Currency traders on Wednesday in Lagos became apprehensive as the Naira depreciated thrice in six hours at the parallel market

naira_notes

The traders were meeting in clusters, painstakingly trying to unravel the rationale behind the sudden depreciation of the naira after it had appreciated for about four weeks.

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The Naira exchanged at N467 to the dollar as at 4:30 p.m. after it traded for N455, and N460 in a couple of hours on Wednesday while the Pound Sterling and Euro closed at N560 and N505, respectively.

The Nigerian currency, after weeks of sustained appreciation, stabilised at N455 to a dollar prior to its depreciation on Wednesday.

At the Bureau De Change window, the Naira was sold at N385 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N553 and N500, respectively.

The official interbank market was not isolated from the depreciation fever as the naira lost N1.78 to close at N306.78, from N305 it posted previously.

Traders at the market could not offer sufficient reason for the performance of the naira at the parallel market.

But this is happening at a time when Abuja, Kano and Port Harcourt are keying into the First Bank of Nigeria and Travelex Forex auction window.

Traders believe that the liquidity challenge would ease off by Thursday after BDCs would have bought Forex from Travelex in Lagos.

6 Comments on Nigerians panic as Naira depreciates three times in six hours

  1. They should not be panic nothing dey happen

    Like

  2. To God be the Glory

    Like

  3. This is amazing

    Like

  4. The Demand for Dollar Is getting higher.

    Like

  5. Goin as forcast 475. Goin goin 480 475 472 476 484 487 485 487 490 492 488 486 488 490 494 496 495 494 goin 498 500 520 510 520 530 December 18 . 550 560 580 600 dec 23 .650 700 in January .

    Like

  6. sorry we more dan paniked ,tnks to Nigeria govt

    Like

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