The value of the Naira have again fallen to the dollar at the rate of 1,705/dollar, according to a new report released by the Bureau De Change operators in Lagos and Abuja.
The reports shows that dollar was sold for N1705, and bought at 1,695/$, showing further that In Abuja, the rate was lower at N1,700.
When interviewed, a currency trader, Suraju Ajao, said that he sold dollars for 1700/$ and bought at 1,690/$.
On the part of the Nigerian Autonomous Forex Exchange Market domiciled on the FMDQ Securities, the naira closed trading at 1659.69/$, indicating a 0.04 per cent depreciation from 1658.97/$ that it traded on Tuesday.
As pertaining the official market, the naira traded at a high of 1,682/$ and a had a low of 1,562.97/$.
Earlier this week, the daily turnover dipped to $177.10 from $217.86m.
The value of the naira reached a new low on Monday, closing at 1,700/dollar, a 0.29 per cent decline compared to N1,695 to the dollar, which it exchanged last week Friday.
On the official market, the naira traded at a high of 1,682/$ and a low of 1,562.97/$.
The value of the naira reached a new low on Monday, closing at 1,700/dollar, a 0.29 per cent decline compared to N1,695 to the dollar, which it exchanged last week Friday.
As of August, the Nigerian currency depreciated by approximately 43 per cent year-to-date, making it to be ranked among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound respectively.
Also, the decline is attributed to surging demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank.
This disparity brings to the limelight underlying economic challenges and market pressures within the country.
In several occasions, Nigerians have consistently decried the effects of the fall of the naira to the nation's economy, as it has birthed high cost of goods and transaction in the market.
The World Bank has recently listed out the naira as one of the worst-performing currencies in Sub-Saharan Africa in 2024.
Before now the official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦767.54 per 1 US dollar.
This rate is almost synonymous to two times difference from the illegal black market exchange rate.
