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Naira Crashes to Record Low Against Dollar

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The naira exchanged N411.63/$1 at the Investors and Exporters window on Tuesday, forcing the currency crash to a 3-month low.

The depreciation represents a 0.59% drop when compared to N409.2 recorded on the previous trading day.

Meanwhile, the naira appreciated against the dollar at the parallel market to close at N480/$1 on Tuesday, March 2, 2021. This represents a N2 gain when compared with the N482/$1 that it closed on the previous trading day.

Although forex turnover at the Investor and Exporters (I&E) window rose by 142.7% from $24.38 million recorded on Friday to $59.17 million on Tuesday, March 2, 2021, the dollar supply still remains low.

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