BREAKING: Naira Weakens Further At Official, Black Markets As Dollar Shortage Persists

This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

Naira Weakens Further At Official, Black Markets As Dollar Shortage Persists can be assessed below.

BrandNewsDay reports that the value of Nigerian currency, Naira weakened further to the US dollar across all foreign exchange markets as companies, traders and intending travellers scrambled to get their hands on the greenback.

READ: Black Market Dollar To Naira Exchange Rate Today Friday, 11 March 2022

Data from FMDQ securities showed that Naira at the Investors and Exporters (I&E) window, depreciated against the US Dollar to N416.67/$ on Thursday.

Naira Weakens Further At Official, Black Markets As Dollar Shortage Persists

This is a 0.04 per cent or 17 kobo drop in value when compared to the previous day’s exchange rate of N416.50/$1.

While Naira against the British Pound Sterling and the Euro closed at N558.23/£1 against the Pounds and against the Euro, it closed at N466.37/€1.

READ: Black Market Euro To Naira Exchange Rate Today Friday, March 11, 2022

At the black market, Naira continued its freefall exchanges at N577/$ as traders took advantage of more people seeking dollars through unofficial means.