The Naira depreciated against the dollar to close at N478/$1 at the black market on Wednesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

Nigeria’s currency weakened against the dollar by 1.05 percent, breaking its four- day stability.

Naira has remained at N473/$ since Friday last week.

The naira depreciation has been attributed to strong demand amid a shortage of dollars.

At the Investors & Exporters (I&E) window of the foreign exchange, where forex is officially traded, Naira also depreciated marginally by 0.08 percent as dollar was quoted at N410 compared to N409.67k quoted on the previous day.

The depreciation took place as turnover rose by 25.37 percent with $40.79 million recorded as against the $30.44 million posted on Tuesday.

By implication, this leaves the gap between the unofficial market and I&E window exchange rates at 14.23 percent or N68.

Currency traders who participated in the official market maintained bids at between N390.00k and N410.00k per dollar.

https://www.ripplesnigeria.com/more-troubles-as-naira-inches-closer-to-n500-1/

[img]https://media./images/7c04d63f43beed53207693e1675319d5/tenor.gif[/img]

1$ - N500

Lol dem don say Crpto dey affect naira

With crypto, businesses had alternative access to forex rather than source from street market. It created bad Market for people in govt and banks who round trip funds to sell at street market.

The Buhari/APC led govt is out to strip us of everything...even when we try to ignore their corrupt schemes and seek other ways to get things going for ourselves, they still find a way to strike us...We are being pushed to the wall...

I'm just enjoying myself seeing this current leadership move from one failure to another. At this stage, any success they record will have no effect to the people. they ended up falling into the hole they dug for the masses

The CBN ban on Krypto transactions in banks has led to more pair to pair transactions which is even harder to track if done properly. This is the same thing that happened with the Dollar.
The eventual looser is still the Naira.


An unbalanced system will eventually correct itself.

Seems we will get there .......from the look of things nothing is in place and no economic team/plan.......All we have and all we depend on is oil......even still investing in oil......let dollar get to 1000 let's see if we can borrow sense and go back to the drawing board ....... but with Buhari my mind is open to anything.......he is obviously not in control of the situation.

That's the spirit...we ll get there

BUHARI WON'T REST TILL IT REACHES 1000

VERY STUPID MAN

....