Naira's exchange rate to Dollar drops to N390 today

Do you want to know the latest exchange rate of naira to dollar? Check out this article and also learn how Naira's exchange rate to Dollar drops to record N390 today!

american dollar

And the Nigerian Naira currency drops again just at the moment it was starting to gain stability. On 29th Friday July, naira to dollar was being exchanged at level of N380 in the Parallel market of Lagos.

The new week began with the huge Naira falling at first to N382, August 2nd and the rapid fall continued. So on 3rd of August, this Wednesday, parallel marketers began trading at N390 per dollar.

Nigerian Naira

Exchange rate dollar to naira and other currency       

Date      USD. Buy/Sell  GBP. Buy/SellEUR. Buy/Sell
3 August 2016N383/390N492/500 N415/422
2 August 2016N375/382  N490/495   N410/417
1 August 2016N370/380N487/492    N405/512

So the inconsistency cost of Naira has now been persistent for a while as the local currency, in two parallel and inter-bank of foreign exchange markets; right now it happens to be very inferior to different foreign currencies, especially the most used of American dollars.

naira to dollar

READ ALSO: What is Dollar to Naira exchange rate today?

Financial and economic experts believe that the lack of Forex liquidity at the market of interbank has a negative impact on the parallel market and Naira Analysts predict a huge continuous drop in the US currency this week due to a shortage of dollars offer.

That is also thanks to the fact that major foreign investors have been on the sidelines until the economy of Nigeria is not showing signs of recovery from the impact of foreign exchange control. Meanwhile, on Wednesday the Central Nigerian Bank has requested quotes of $5 million every from currency traders, as he has sold U.S currency to support Naira and boost dollar liquidity.

hundreds of dollars

According to Ecobank Nigeria currency analyst, Kunle Ezun, the market still does not have enough liquidity and work needed to boost liquidity. In addition, the current rate is a specific measure of the low or high number of dollar liquidity in the interbank market, and the analyst is positive that the market can improve in the next months, and appreciate the value of Naira.

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