Naira falls seventh times against Dollar in days at Foreign Market

The Naira has dropped seven times in the last several days at the foreign exchange compared to the US dollar. 

According to FMDQ data, the Naira fell against the dollar for the seventh time on Thursday, trading at N1309.88 vs N1308.52 on Wednesday. 

Over a given day, there is a daily loss of N1.36. 

The Naira fell on Thursday between N1,300 and N1,370 in the parallel market segment, from between N1,250 and N1,300 the day before. 

In the foreign exchange market, the Naira has lost value in relation to the US dollar over the past four days. 

The Naira fell three times against the US dollar in the foreign exchange market last week. 

As a result, since April 17, 2024, when it was trading at N1,072.74 per Dollar on the foreign exchange market, the Naira has lost N237.14. 

The occurrence occurs even though the Nigerian Central Bank released $10,000 to each BDC at a rate of N1,021 to the dollar, subject to a requirement that they sell for at most 1.5% over the purchase price.

Amid the bank’s attempt to support the Naira, this is the third recent intervention for BDCs.

Peer-to-peer cryptocurrency platforms such as Binance have been held accountable by BDC operators for the recent depreciation of the Naira in the foreign exchange market versus the US dollar.  

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