Naira hits over N1,000/$, exchanges at N756.21/$ at I& E windows

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The Naira on Wednesday depreciated by 1.48 per cent against the dollar at the Investors and Exporters window.

The Naira exchanged at N756.21  compared to the N745.19 it exchanged for the dollar on Tuesday.

The open indicative rate closed at N766.82 to the dollar on Wednesday.

A spot exchange rate of N799.90 to the dollar was the highest rate recorded within the day’s trading before it settled at N756.21.

The Naira sold for as low as N701 to the dollar within the day’s trading.

A total of $95.70 million was traded at the investors and exporters window on Wednesday.

At the Parallel market, a dollar exchanged for between N1010 and N1020 on Wednesday.

This is said to be attributed to backlog and scarcity of the dollars at the I & E window.

Meanwhile the World Bank has said that the Naira is among the worst-performing currencies in Africa, weakened by nearly 40 per cent against the US dollar since a mid-June devaluation.

This was according to a report by the global bank titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28).’

“So far this year, the Nigerian naira and the Angolan kwanza are among the worst performing currencies in the region: these currencies have posted a year-to-date depreciation of nearly 40 per cent.

“The weakening of the naira was triggered by the central bank’s decision to remove trading restrictions on the official market. For the kwanza, it was the decision of the central bank to stop defending the currency as a result of low oil prices and greater debt payments,” it said.

According to the World Bank, other currencies with significant losses so far in 2023 are South Sudan (33 per cent), Burundi (27 per cent), the Democratic Republic of Congo (18 per cent), Kenya (16 per cent), Zambia (12 per cent), Ghana (12 per cent), and Rwanda (11 per cent).