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Naira falls again, now trades for N1,825 to dollar in black market
According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of N1,631 and a low of N1,000.
The parallel section of the foreign exchange market recorded a new all-time low on Tuesday after the naira depreciated to N1,825 per dollar.
The naira fell by 8.13 percent from N1,600/$ recorded on February 16, 2024.
Currency traders at the street market quoted the buying price of the dollar at N1,800 and the selling price at N1,825 — leaving a profit margin of N25.
“Customers are demanding for the dollars so much and it is affecting the market,” a black market trader known as Aliyu said.
At the official window, the naira depreciated by 2.65 percent to N1,537.96/$ on February 16 — from N1,498.25 per dollar on February 15.
According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of N1,631 and a low of N1,000.
Meanwhile, the Central Bank of Nigeria (CBN), in furtherance of its efforts to stabilise the naira, made certain policy changes in the past week.
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