Naira experienced a decline of 0.54 per cent against dollar, closing at ₦750 on the black market while it slightly strengthened by 0.06 per cent closing at ₦462.73/USD at the Investor and Exporter window.
Data from the Financial Market Dealer Quotations revealed that the Nigerian naira had a trading range as low as N460 and high at N467 on Wednesday, but ultimately closed at ₦463.02 per US dollar.
According to a report by Reuters, Naira dropped record low on Thursday to 466 per US dollar on the official market.
A trader whose identity was not disclosed said, The decline was attributed to the Central Bank of Nigeria’s decision to weaken the currency at its foreign exchange auction and spot market to correct a backlog of demand for foreign currency.
Traders claimed that the CBN had adjusted rates on Wednesday from N460 to 465 Naira per dollar and sold hard currency to businesses for raw materials and imports at N630 during its last auction on Friday.
“Generally, the market impression is that foreign exchange rates are moving up. At the current level, clients are not getting funds, the appetite is to seek more dollars to meet obligations,” the currency trader said.