Exchange rate declines as forex traders report shortage of dollars

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Official exchange rate drops to N847
Official exchange rate drops to N847

The exchange rate between the Nigerian Naira and the United States Dollar has reached a historic low of N983/$1 in the black market.

Currency traders have reported this development, emphasizing the scarcity of available dollars for sale.

Naira-Dollar exchange rate dips by 2.93%

This marks a significant 2.93% decline compared to the previous day’s rate of N955/$1, highlighting the ongoing foreign exchange challenges facing the country.

This also represents a substantial depreciation from the N950/$1 exchange rate observed just last week.

Despite various policy announcements from the Central Bank of Nigeria (CBN), it appears that the institution is still grappling with efforts to stabilize the foreign exchange market.

In mid-August, the dollar was quoted as low as N955/$1, causing concerns among investors about the potential for the exchange rate to reach N1000/$1.

There was a brief appreciation to N840/$1 after the CBN issued warnings to speculators regarding potential losses resulting from forthcoming policies.