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Dollar To Naira: Naira Depreciation To US Dollar Continues

Nigerian Naira (NGN) depreciated further value against the US Dollar (USD) across all foreign exchange market on Thursday, October 5, 2023.

This happened amid continued worrying supply woes and no clear direction from the Central Bank of Nigeria (CBN) new management team.

Since they assumed office, there has been no policy direction from the CBN, especially in the area of forex supply, and the market continues to react.

Naira to dollar exchange rate Data from FMDQ securities showed that on Thursday at the Investors and Exporter window, the official market, naira closed at N775.20 against the US dollar.

This represents a 2.51% drop in value compared to N756.21/$1 it traded on Wednesday, October 4, 2023.

While at the Peer to Peer section mostly used by crypto traders and fintech, the Nigerian currency declined against the American currency on Thursday to sell at N1,009/$1 versus the previous day’s N1,005/$1.

Similarly, the naira lost more value against the US Dollar in the parallel market on Thursday. Check shows that the naira against the dollar was quoted at N1,001/$1 on Thursday, the same rate as Wednesday’s N1,000/$1.

For the Pound Sterling, CBN is reporting that the value of Naira closed at N927.40/£1 versus N904.75/£1.

While against the Euro, it shrank by N17.95 to sell at N801.81/€1 compared with Tuesday’s rate of N783.86/€1.

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