Nigeria’s currency, the Naira, has continued to fall in value against the US dollar, and it is now officially at its lowest level on the official market.
According to FMDQsecurities, where Naira is officially traded, investors and exporters paid N441.17 to a dollar on Tuesday, 11 October 2022.
This is the first time in history that Nigerians will pay above N440 to buy a dollar at the official rate.
It was the same scenario at the black market as traders also dropped the value of Nigerian currency to N716.82 to a dollar according to Naira Rates.
For Nigerians travelling to the United Kingdom, one pound costs at least N873.293. The Euro also went for as high as N740.6.
The fact that Nigeria is suffering from serious dollar shortages is no longer news. Still, the inability of the Nigerian National Petroleum Company Limited to export enough crude oil is weighing hard.
Nigeria’s main source of foreign revenue remains oil, and NNPC’s battles with crude oil thieves are severely limiting the amount of dollars coming into the country.
Naira: CBN’s advice to Nigerians
Meanwhile, the CBN has advised Nigerians to stop buying dollars from black market traders.
According to Osita Nwanisobi, CBN’s director of communication, the black market traders are mopping up foreign currencies to create scarcity. He promised that CBN would remain committed to solving the fx issues and work hard to meet both the demand and supply sides.
