Naira Plunges to N900/$, Leaving Tinubu With More Headaches as FAAN Arrests Forex Dealers in Lagos

Naira Plunges to N900/$, Leaving Tinubu With More Headaches as FAAN Arrests Forex Dealers in Lagos

  • The value of Nigerian currency has dropped to another low in the unofficial black foreign exchange market
  • The latest data shows that the naira is exchanged for as high as N900 for one dollar by some FX traders
  • To make the airport environs safer, the FAAN has embarked on an operation to arrest illegal FX traders, touts, and perpetrators of illegitimate activities

The Nigerian currency, the naira exchanged at the black foreign market for as low as N900 to a dollar on Monday, August 7, 2023.

According to street traders who spoke to, Nigerians looking to buy dollars should be ready to pay as high as N902 as of 3 pm on Monday

Also, Abokifx data shows that street traders are selling one dollar at N895 and buying at N888.

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Naira to dollar exchange rate
Forex dealers arrested at Lagos airport Photo credit: sss
Source: Getty Images

Monday rate means the difference between the black and official market rates is still above N100, leaving President Bola Tinubu with more headaches and decisions to make.

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On Friday, August 4, 2023, data from FMDQ securities shows that the naira closed last week at N743.07 to a dollar.

FAAN arrests illegal forex dealers

Meanwhile, the Federal Airports Authority of Nigeria (FAAN) has announced that it arrested 21 persons, including touts, illegal foreign exchange dealers, hawkers, and scavengers at the Murtala Muhammed Airport (MMA), Punch reports.

In a statement by Abdullahi Yakubu-Funtua, director of public affairs & consumer protection, FAAN said that the Joint Monitoring Task Force (JMTF) and the Aviation Security Crime Investigation & Intelligence (AVSEC-CII) Unit have since the past few weeks conducted raids in this regard.

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The statement reads:

“On Friday the 4th of August 2023, the Murtala Muhammed Airport (MMA) JMTF and AVSEC-CII raided the ITZ 1 & 2 landside, the carparks, and the airport access roads.
“In the course of the raid, a total of 21 persons, including touts, illegal foreign exchange dealers, hawkers and scavengers, were arrested. The apprehended suspects have since been transferred to the Nigerian Police Force through the CII for further necessary action."

CBN speaks on license status of 2,698 BDCs as Naira falls again

The Central Bank of Nigeria has responded to reports that it withdrew over 2,000 Bureau de Change operators' licenses

The reports of withdrawal come amid the continued depreciation of the naira at the official and black markets

The CBN and the Bureau De Change Operators of Nigeria spoke with to set the records straight


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