Naira Onslaught Continues, Now N562/$1

The naira continued a freefall against the dollar at the unregulated market on Wednesday, causing it to reach yet another all-time low.

The onslaught aggravated as the pressure mounted by forex illiquidity further weakened the naira to N562 against a single unit of the American Dollar at the parallel market.

This means that Nigeria's local currency fell by an additional N5 at the market yesterday as it was traded at N557/$1 at the previous session.

At the same segment, the Nigerian currency depreciated against the Euro by N3 to close at N648/€1 in contrast to N645/€1 of the preceding day but closed flat against the Pound Sterling N760/£1.

However, the naira appreciated marginally against the dollar by 2kobo at the Investors and Exchange (I&E) window to close at N412.06/$1 from the N412.08/$1 it was sold on Tuesday.

Data showed that this occurred despite a 76.4 percent or $133.82 million increase in the total transactions achieved yesterday as trades worth $308.92 million were made compared to the $175.10 million achieved on Tuesday.

But the Nigerian currency depreciated against the American currency by 4kobo at the interbank segment of the market to N410.55/$1 from N410.51/$1 at the midweek session.