Naira Slides Further at the Black Market; Trades at ₦484/US$

The Naira depreciated further at the black market after a report showed Nigeria’s economy contracted by 3.62 percent in the third quarter to eventually plunged into the second recession in four years.

The local currency depreciated by ₦4 to ₦484 against the United States dollar during the weekend, down from ₦480 it exchanged on Thursday.

Against the British Pound, the Naira plunged to a record low of ₦620 amid persistent forex scarcity and rising demand.

The decline does not stop there, the local currency depreciated by ₦13 to ₦570 against the European common currency.

Weak economic growth rate and low foreign revenue generation amid rising demand for forex ahead of the usual December sales are what is hurting Naira value, especially with the Central Bank of Nigeria struggling to support the local currency at a period when foreign reserves has remained on a downward trend.