Naira drops more against the US dollar prompting a serious hike in prices

Naira sank further on Tuesday, depreciating 0.9 percent against the dollar in the official market.

The local currency, which opened trading at N422.71 closed at N430.00 at one dollar o’clock on Tuesday, data released by fmdq where forex is officially traded, he revealed.

This represents a devaluation of N4.25 or 0.99 percent from N425.75 published in the previous market session on Monday.

It is the lowest rate that the naira has exchanged with the dollar. It closed at N425.75 to one dollar on Monday.

In the last two weeks, the coin has witnessed a significant devaluation in the spot market. It has been trading between the range of N420 and N425 and above the benchmark before settling at N430 for $1 at the close of trading on Tuesday amid a shortfall in currency supply.

At the black market in Uyo, traders exchanged the naira for N611.00 and sold it for N616.00 per dollar on Tuesday.

“What we are seeing now is that dollars are very scarce and the federal government is blocking our people’s dollar account anyway,” lamented currency traders at the Uyo street market.

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