On Wednesday, the value of the naira fell further in the unofficial market, trading at 1,705 naira per dollar, as reported by Bureau De Change operators in Lagos and Abuja.
Aliyu Sani, a BDC operator in Lagos, stated that he sold dollars for 1,705 naira and purchased them at 1,695 naira each. In Abuja, the exchange rate was slightly lower at 1,700 naira.
Currency trader Suraju Ajao reported selling dollars at 1,700 naira and buying at 1,690 naira.
In the Nigerian Autonomous Forex Exchange Market, located within the FMDQ Securities, the naira closed trading at 1,659.69 naira per dollar, reflecting a 0.04 percent depreciation from Tuesday’s rate of 1,658.97 naira.
In the official market, the naira traded between a high of 1,682 naira and a low of 1,562.97 naira per dollar.
On Monday, the naira reached a new low, closing at 1,700 naira per dollar, a decline of 0.29 percent compared to last week’s exchange rate of 1,695 naira.
Recently, the World Bank ranked the naira among the worst-performing currencies in Sub-Saharan Africa for 2024.
As of August, the naira had depreciated by approximately 43 percent year-to-date, placing it alongside the Ethiopian birr and the South Sudanese pound as one of the weakest currencies.
This decline is largely due to soaring demand for U.S. dollars in Nigeria’s parallel market, insufficient dollar inflows, and the slow pace of foreign exchange disbursements by the central bank.
