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

✔ Fact Checked by TDPel News Desk

By Samantha Allen

Published: March 11, 2022 | 12:07 PM GMT

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.

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.

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

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About Samantha Allen

Samantha Allen is a seasoned journalist and senior correspondent at TDPel Media, specializing in the intersection of maternal health, clinical wellness, and public policy. With a background in investigative reporting and a passion for data-driven storytelling, Samantha has become a trusted voice for expectant mothers and healthcare advocates worldwide. Her work focuses on translating complex medical research into actionable insights, covering everything from prenatal fitness and neonatal care to the socioeconomic impacts of healthcare legislation. At TDPel Media, Samantha leads the agency's health analytics desk, ensuring that every report is grounded in accuracy, empathy, and scientific integrity. When she isn't in the newsroom, she is an advocate for community-led wellness initiatives and an avid explorer of California’s coastal trails.