The parallel market saw the value of the naira depreciate as it’s traded at 1,705/$, according to Bureau De Change operators in Lagos and Abuja.
A BDC operator in Lagos, Aliyu Sani, told The Punch that he sold dollars for N1705 and bought at 1,695/$. In Abuja, the rate was lower at N1,700.
A currency trader, Suraju Ajao, said that he sold dollars for 1700/$ and bought at 1,690/$.
On the Nigerian Autonomous Forex Exchange Market domiciled on the FMDQ Securities, the naira closed trading at 1659.69/$, indicating a 0.04 percent depreciation from 1658.97/$ that it traded on Tuesday.
On the official market, the naira traded at a high of 1,682/$ and a low of 1,562.97/$.
The daily turnover dipped to $177.10 from $217.86m on Tuesday.
The value of the naira reached a new low on Monday, closing at 1,700/dollar, a 0.29 percent decline compared to N1,695 to the dollar, which it exchanged last week Friday.
The World Bank has recently listed the naira as one of the worst-performing currencies in Sub-Saharan Africa in 2024
As of August, the local depreciated by approximately 43 per cent year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound.
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.
he Delta State Police Command has issued a stern warning to Point of Sale (POS)…
The Independent National Electoral Commission (INEC) has recognised Julius Abure as Chairman of the Labour…
Former Governor of Abia State and the Senator representing Abia North Senatorial District, Senator Orji…
The Plateau State local government rerun election is scheduled for October 19, 2024, but the…
Following the rape investigation, Mbappé's lawyer said he will reserve any explanations for the Swedish…
A number of convictions have been obtained in a single day, according to the National…