Data obtained by TimesNow.com.ng from FMDQ securities, where naira is officially traded, showed that the Nigerian currency closed at N1,681.65 per dollar on Wednesday.
This represents a 0.61% loss for the naira compared to N1,671.32 per dollar it closed on Tuesday.
The fall of the naira to a record low comes as forex supply to the market drops to $196.7 million on Wednesday from $218 million the previous day.
So far in November, the average forex turnover is around $147 million per day, highlighting the pressure the naira is facing.
The story was the same for the naira in the black market as it fell by N5 against the US dollar to exchange at N1,735 on Wednesday compared to Tuesday’s rate of N1,730.
Donald Trump’s election victory helped the dollar rise to its strongest level on Wednesday in recent months.
The dollar not only crushed the naira but also against the pound euro, among others.
There seems to be a positive sentiment that Trump will introduce various policies that will help investors get better returns on savings and investments in dollars.
Earlier, TimesNow.com.ng reported that Fitch Ratings has expressed caution about the stability of Nigeria’s foreign exchange market despite CBN’s several assurances.
The agency believes that the Central Bank of Nigeria and other efforts have yet to yield a positive result.
There is a glimmer of hope for CBN as Nigeria’s gross foreign exchange reserves rose to $39 billion in October.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
