Nigerians Cry Out as Naira to Dollar Rate Hits N562

• Nigeria’s Naira has hit a new all-time low as the currency is currently changing hands between N562 and N570 per dollar on the black market

• On the official window, the country’s official currency closed at N412.06 per $1

• Bureau de change operators in the country have confirmed a huge demand for forex as SME’s find it difficult to access forex

The devaluation of the Naira against the United States Dollar has continued on the unofficial black market.

The situation became more extreme on Wednesday as the country’s official currency hit an all-time low of N562 against the US dollar on the black market.

This indicates that the currency fell by N5, having been trading at N557/$1 during the previous day.

The currency further depreciated by N3 against the Euro to close at N648/€1 from N645/€1.

There was no change, in the Naira’s value against the British pounds on the unregulated market as it remains N760/£1.

In the Investors and Exchange window, Naira appreciated 2 kobo from N412.08/$1 on Tuesday to N412.06/$1.

BDC operators in the country have attributed the depreciation of the Naira to high demand for the US dollars by small and medium-sized enterprises.

The Chief Executive Officer, Daniel Young Global Investments Limited, Dr Daniel Young has lamented about the astronomical fall of the country’s official currency.

He further predicted that the dollar might be sold for N1000 by January 2022 if a review of the economy is not carried out.

Meanwhile many Nigerians have switched to cryptocurrency in a bid to minimize their losses from inflation.

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