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Home Business Nigeria’s Naira sinks to lowest level in weeks

Nigeria’s Naira sinks to lowest level in weeks

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Nigeria’s currency, the Naira closed the week, falling to its weakest level in six weeks as Central Bank of Nigeria interventions failed to save it against battering by US Dollar.

On Friday, the Naira exchanged for between N460 and N470 per dollar, at the parallel market, the lowest since September 29, ngnrates.com and abokifx.com, reported.

Rates at the BDC were only slightly better: the exchange rate was N455/N468.

However, the Central Bank offered the dollar at 382.10 per dollar on the spot market, where it sells limited amounts of the greenback bank to importers.

In early October, the Naira strengthened to N440 to a dollar in the unofficial market.

This coincided with when the CBN began weekly interventions in late September, after Nigeria opened up international travel following the lifting of Covid-19 restrictions.

But all the gains have vanished, as pent up demands for dollar chased the little available.

The money available in the official window is insufficient to meet demand, Julius Tayo-Olufemi, chief executive officer of Cephas Grace International Ltd., which imports home appliances, told Bloomberg by phone.

“On a monthly basis, I need about $100,000 to $150,000 and the maximum I can get at the controlled price is $20,000. So I have to sort out the remaining balance myself,” Tayo-Olufemi said.

The regulator has always increased intervention sales to money changers, but “they are a bit hampered this time around,” said Omotola Abimbola, analyst at Chapel Hill Denham.

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