Nigerian Naira To The US Dollar Exchange Rate Today

Even as Nigerians battle a crush crunch amidst high prices, the Naira to the US Dollar exchange rate appear to have worsened matters.

This is because $1 exchanged for N1,640 at the parallel market yesterday, after a three-day consistent appreciation. .

The national currency had performed impressively for three consecutive days at both the official and parallel markets, and many were beginning to sing allellua on the consistent rise in the exchange rate of the Naira to the dollar.

They had attributed this to the apex bank’s introduction of the Enhanced Foreign Exchange Market System (EFEMS, only for slide.

So, what went wrong?

Meanwhile, deposit money customers are still having it rough at the counter, with many unable to take out reasonable amounts of money for their daily transactions.

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Our investigation shows that this is piling a lot of pressure on naira-needing Nigerians, even as they prepare for the yuletide.

It is happening despite the CBN’s directive to the banks to ensure efficient cash disbursements to customers over the counter and through ATMs.

“For DMD braches and/or ATMs locations not dispensing cash, members of the public are to affected are to provide the relevant details which shall include account name/ of the DMD, amount, time and date of incident (s) occurred”.

The CBN had also published contact details which bank customers could use to file their complaints.

The Naira traded at about N1538 per Dollar at the official EFEM market Monday, going by the CBN account, implying that the regulatory agencies have a doubling to do: ensuring appreciation of the Naira against the dollar, and ensuring to wit, the availability of cash for Nigerians at the counters and through ATMS.

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The Naira To The US Dollar Exchange rate is anchored on a number of issues, but majorly  majorly currency speculators who have been rumoured to be ready to work against its continued appreciation, which in any case works in their favour.