Naira sinks further against dollar

In the last nine days, the naira has lost more value in the foreign currency market when compared to the dollar.

The naira dropped from N1507.83 on Wednesday to N1510.10 on Thursday vs the dollar, according to FMDQ statistics.

About the N1507.83 traded the day before, this indicates an N2.27 loss against the US dollar.

Similarly, the naira lost value on the parallel market on Thursday, trading at N1520 per dollar instead of N1505 the day before. This indicates that the naira dropped by N15 on Thursday in the parallel market.

The naira has been weakening versus the dollar since June 18, 2024, when it was worth N1482.72 at that time.

The Central Bank of Nigeria recently suspended the Price Verification System Portal for importers.

It follows that importers possessing “Form M” no longer need PVS to obtain foreign exchange from CBN.

The termination of PVS, according to Financial Derivatives CEO Bismarck Rewane, “is good news for the foreign exchange market; I think we will see some stability in the market now.”

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