Naira suffers a major relapse, exchanges N910 to a dollar

Naira suffered a major relapse Wednesday after a week of momentary appreciation both at the official and black market.

Recall that the local currency recorded significant gain last week against the dollar both in the parallel market and the official Investors and Exporters (I&E) window. The gain came after the NNPC Limited secured a $3 billion facility from the AfreximBank aimed at stabilising the exchange market.

The local currency, which hitherto exchanged at N920 to a dollar, appreciated to N885 per dollar after news of the NNPCL $3bn loan deal with Afreximbank was made public.

The Naira has now crashed. In Lagos, the Naira yesterday exchanged at N900 to a dollar, and settled at N910 to a dollar on Wednesday.

Reacting to the slump of the Naira, African Democratic Congress (ADC) presidential candidate in the 2023 election, Omoyele Sowore, said: “Economic saboteurs ran the Nigerian economy aground but their supporters club said they were the best, even last week when a momentary drop in demand for dollars appeared for hours alleluia economists were celebrating and asking everybody to shut up. Today Naira is back N900 to 1$, JP Morgan Chase @chase seems to be completely in charge of Nigeria’s foreign reserve. They’re even daily suggesting to Nigeria how to put more money in there so they can cannibalise the economy.”