Naira slumps massively against dollar at black market

For the first time this week, the naira saw appreciation on Tuesday.

According to FMDQ statistics, on Tuesday, the naira appreciated little against the dollar in the forex market, trading at N1,576.66 against the dollar, up from N1,577.29 on Monday.

In the meantime, the naira lost N25 on the black market, continuing its downward trend.

Ashiru Dayyabu, a Bureau De Change operator in Wuse Zone 4, reported that on Tuesday, the value of the naira dropped from N1,560 per dollar on Monday to N1,585.

This result coincides with a decline in foreign currency transaction turnover, which was $155.53 million on Tuesday but plummeted to $138.17 million on Tuesday.

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