Naira Decreases By 5.26%, See New Exchange Rate

According to data obtained from the FMDQ securities exchange, the naira has depreciated to ₦1,234 against the dollar at the official foreign exchange market on Monday.

This means that the naira fell by ₦65 or 5.26 per cent from ₦1,169.99/$1 recorded on Friday.

Naija News reports that the naira earlier strengthened to around ₦1,072.74 on Wednesday as traders projected the naira could trade below ₦1,000/$1 for the first time.

However, the naira’s surge since late March, which had made it the best-performing currency in the world, came to a stop on Sunday when it had its first weekly decline in several weeks on the parallel market.

Bureau de Change operators who spoke to Punch explained that the reason for the new increase in dollar rate was due to market forces.

They expressed uncertainty on whether there would be more increase or reduction before the end of the week.

A BDC operator, Abubakar Taura said, “We sold the dollar today between the rate of ₦1,50 and ₦1,270 and it is a bit surprising because we don’t even know the real reason but that is the market, one day there will be profit and another day we make losses.”