Naira loses further at official market amid currency scarcity

By Raymond Adebayo
March 4, 2023, 7:10 p.m.

On Friday, Naira fell marginally against the US dollar at the Investors’ and Exporters’ window.

The development further extended Naira losses to two successive days at the FX market amid weeks of a currency crisis.

According to data published on the FMDQ website, an official platform for trading forex, the domestic currency closed at ₦461.75 per $1 on Friday.

The figure represents N0.35 or 0.08 per cent depreciation from N461.40 to a dollar recorded in the previous session on Thursday.

The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf disclosed that the currency would stabilize in the coming weeks following the latest Supreme Court ruling on naira redesign.

“Naira would stabilize in the coming days with the recent Supreme Court ruling allowing the old naira notes to be legal tender till 31 December”.

For weeks, Nigerians have been battling the effect of currency scarcity nationwide.

The anger emanating from the pain of the cash crunch led to protests in Delta, Ondo, Edo, other states.

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