CITIZENS COMPASS– DEMAND pressure continued in the capital market as Naira fell to an all time low of N451.50 against the dollar due to shortage of the greenback at the Investors and Exporters (I$E) forex window.
After trading on Friday, the dollar was quoted at the rate of N451.50/$ as against N451.33/$ recorded on Thursday at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX)
On a year-on-year basis, naira depreciated by 8.13 percent from N414.80 per dollar quoted in December 2021. Week-on-week, the naira weakened by 1.11 percent from N446.50/$1 quoted on Friday last week at the official market.
At the parallel market, popularly called black market, naira relatively remained stable as the dollar was quoted at the rate N745/$1 for the past three trading days.
Year-on-year, naira has depreciated by 23.62 percent from N569 per dollar in December 2021 to N745/$ the current rate on the black market.
Read also: Banks ration new naira notes, await more supply.
The exchange rate disparity between the official (N451) and the parallel market (N745) stood at N294 per dollar.
