Naira Hits N1652 on Forward Market
The Nigerian naira has continued to lose its purchasing power. Nigerian non-deliverable currency forwards fell across the curve to a new record low against the dollar on Tuesday, mirroring sustaining decline on the official spot market, London Stock Exchange Group (LSEG) data showed.
The naira fell to a low of 1,602 per US dollar on the official spot market on Tuesday, while it hit record lows on the forwards market, which quoted the currency at 1,652.50 to the dollar in one month’s time
Other maturities on the forwards market on Tuesday also fell, with traders quoting the currency as low as 1,840.36 naira per dollar in a year’s time.
Africa’s biggest economy has suffered from severe dollar shortages in its foreign exchange market which has seen the official exchange rate drift towards the unofficial parallel market level.
Sustaining the downward trend, the currency was quoted at 1,800 naira on the parallel market on Tuesday. # Naira Hits N1652 on Forward Market. #Naira Hits N1652 on Forward Market
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