Naira Crashes Again in All Markets as Access, UBA, Others Quote New Buying Rates For The Dollar

• The naira has depreciated again in the black and official markets against the US dollars
• The Nigerian currency traded for N1,230 per dollar in the black market, falling by 17% as against the previous day’s figure
• In the official FMDQ Exchange, the naira also failed to recover the previous day’s loss to trade at N1,169.9 to a dollar

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian currency weakened in all the markets, with the black market the hardest hit.

On Friday, April 19, 2024, the parallel market weakened by the most in over a month, ending a massive rebound from early March.

Naira hits a new low in all markets

In the black market, the naira traded for N1,230 per dollar on Friday, April 19, 2024, declining by 17% compared to the N1,050 it traded the day before.

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Currency traders say Friday saw a rise in demand for the US greenback, but they expect the naira to recover from the losses in the coming days.

In the official market, the naira fell, trading at N1,169.99 against the Thursday rate of N1,154.

CBN clarifies the sale of FX to BDCs

Data from the FMDQ Exchange shows that the Nigerian currency traded at a high of N1,236 and a low of N1,021.

The Central Bank of Nigeria (CBN) said on Thursday, April 18, 2024, refuted claims that it sold forex at the rate of N1,001 per dollar to the Bureau de Change operators (BDCs)

The financial institutions regulator said in a post on social media that the report was fake.

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Naira loses ground against the dollar

Legit.ng earlier reported that the Nigerian currency halted its winning streak against the US dollar on Thursday, April 18, 2024, for the second time in a week, losing N81 to the dollar.

On Wednesday, April 17, 2024, the Nigerian currency inched closer to the N1,000 per dollar market in the official FDMDQ Exchange, trading for about N1,070 to a dollar.

The development led to speculations that the naira would trade below the N1,000 per dollar as predicted.

Source: Legit.ng