Naira depreciates to all-time low of N1,700 against US dollar at forex market




The Naira depreciated to an all-time low against the US dollar at the official and parallel foreign exchange markets worsening Nigeria’s FX crisis on Monday.

Data from FMDQ showed that Naira depreciated to N1,574.62 per US dollar on Monday from N1,537.96 on Friday last week.

This represents an N36.66 or a 2.3 per cent loss compared to 1,537.96 recorded at the close of trading on Friday.

Similarly, at the Parallel Market, Naira dropped N1,660 per US dollar on Monday from N1,590 on Friday.

The figure showed that the Naira is to over 1,700 and 2000 per US dollar if nothing is done to time the depreciation.

A Bureau De Operator, Dayyabu Mistila, Bureau De Change operator disclosed this Newssphere on Monday.

The development comes amid a clampdown on illegal Bureau De operators by the officers of the Economic and Financial Crime Commission, EFCC and the arrest of 50 in Wuse Zone 4 Abuja on Monday.

Meanwhile, depreciation FX markets came despite the Central Bank of Nigeria’s introduction of new guidelines on Wednesday last week, stopping the payout of Personal Travel Allowance, PTA and Business Travel Allowance, BTA in cash.

At the same time, the apex bank stopped International Oil Companies (IOCs) operating in Nigeria from repatriating 100 per cent of their forex revenue.

From the current state of the Naira against other currencies, the efforts by the regulator, CBN and the Nigerian government are yet to address the country’s forex crisis.