February 26, 2024

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Dollar Hits ₦800

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Dollar reserve

CEM REPORT FINANCE | The Naira has depreciation to ₦805 to a dollar following increased demand for the greenback.

As of the close of trading on Tuesday, the Naira fell by over 0.62 per cent when compared to ₦795, which was quoted during the trading on Tuesday.

Analysis reveals that the pressure on the dollar can be attributed to preparation for the fourth coming summer holidays.

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Sources close to CEM reveal that parallel market traders are willing to buy the greenback at ₦795/$.

At the Investors and Exporters (I&E) forex window, the naira weakened by 5.62 per cent as the dollar was quoted at N788.42 on Tuesday as against N744.07 quoted on Monday, data from the FMDQ indicated.

In other markets, the British Pound traded same day at ₦1030/£, while traders were willing to buy at ₦1015/£.

Ever since President Bola Ahmed Tinubu announced a cleaning up of monetary policy and consequently unification of the exchange windows dollar has moved in large strides hitting its highest of ₦800 in nine months.

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