Naira sinks to N644/$1 at peer-to-peer market amidst forex scarcity

 

The exchange rate between the naira and the US dollar closed at N426.58/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

On Wednesday, the naira depreciated by 0.57% to close at N426.58/$, from N424.17/$1 recorded in the previous trade session. In the same vein, forex supply fell by 62.45% to $144.03 million from the record of #383.59 million that was traded on Tuesday.

Also, with the further scarcity of forex in the market, the exchange rate at the peer-to-peer market depreciated significantly to a record low of N644.25/$1 in the early hours of Thursday, representing a 1.44% decline compared to N635.1/$1 recorded on Wednesday morning. According to Nairametrics,this is the highest rate recorded in the unofficial market.