The Nigeria Naira has hit an all-time low of N562 per dollar in the unofficial market as dealers lament that the currency may plunge to N600/dollar soon.
Data gathered by THE WHISTLER from different Bureau de Change dealers showed that the Naira closed between N562 and N567 on Wednesday as against the N557 traded the previous day.
At Zone 4 BDC market in Abuja, the Naira traded at N567 against the dollar.
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In Lagos, a BDC seller Muhammed said it traded at the same price, adding “I don’t have the dollar available for sale.”
Between September 1, 2021 till date, the Naira has lost its value at the black market by 6.84 per cent from N526 traded to N562 on Wednesday.
The pressure on the naira has recently worsened after the Central Bank of Nigeria cut its weekly intervention to the unofficial market leading to overwhelming demands for the dollar on the market.
The naira closed N412.08 per dollar in the Investors’ and Exporter window.
The unofficial rate is N151.46 higher than the N410.54 rate held by the CBN.
“We see the naira going worse very soon if the pressure persists. Demand has become high and we are experiencing scarcity of dollars,” said Bare, a BDC dealer in Abuja.