The US dollar, the much sought after currency in Nigeria slumped by 5.38% on Tuesday at Nigeria’s parallel market, its second successive fall since Friday.
At the market today, a dollar sold for N440. The rate was N465 on Monday, meaning the Naira gained N25. The buying rate is even much lower at N430.
“When we look at the rates monthly, US Dollar was traded at ₦473.00 at the beginning of August on Monday, August 03, 2020. As of today with Dollar being traded at ₦440.00, we see a %6.98 fall for USD to Naira exchange rates since the beginning of last August”, reported
However, there is still a gulf between the market rate and the official rate. As at Monday, the CBN rate for a dollar was N379.
While the dollar fell heaviest in the parallel market, the Euro only depreciated 0.55% to exchange for N542.
However the British pound also fell by 2.48% , to exchange for N590.
The official exchange rate for Euro is N452 and the pounds N505.
Currency watchers said the American dollar may fall further as the Central Bank of Nigeria tightens some rules.