Naira Falls To N477, Weakest Since Beginning Of 2021

The naira on Friday tumbled to its worst level since the start of 2021 to settle at N477 per dollar at the parallel market.

The naira shed the gains recorded against the dollar since December 11, when it was stable at N475 per dollar.

Between January 1 and January 22, the naira has lost 1.46 per cent to the dollar, from N470 to N477.

At the Investors’ & Exporters’ foreign exchange window, the naira also fell to N394.17 per dollar from N393.15 recorded on Thursday. The naira had climbed to N415.76 in December over accelerated demand induced by Christmas.

The naira closed N648 against the British pounds from the N645 recorded on Wednesday.

Investors are increasingly searching for forex as economic activities fully reopen in the country, THE WHISTLER observed.

The Central Bank of Nigeria had struggled to maintain an exchange rate that would attract forex into Africa’s largest economy over shortage of dollar.

The apex bank had towards the end of 2020 reversed its policy on Diaspora remittance which would allow inflow of foreign exchange through the official channel.

The regulator also hopes to boost dollar availability through the policy reversal.