The naira weakened further in the unofficial market on Wednesday, trading at 1,705 per dollar, according to Bureau De Change operators in Lagos and Abuja.
A Lagos-based BDC operator, Aliyu Sani, informed The NigPOST that he sold dollars at N1,705 and purchased at N1,695. In Abuja, the exchange rate was slightly lower at N1,700 per dollar.
A currency trader, Suraju Ajao, said that he sold dollars for 1700/$ and bought at 1,690/$.
On the Nigerian Autonomous Forex Exchange Market domiciled on the FMDQ Securities, the naira closed trading at 1659.69/$, indicating a 0.04 per cent depreciation from 1658.97/$ that it traded on Tuesday.
On the official market, the naira traded at a high of 1,682/$ and a low of 1,562.97/$.
The daily turnover dipped to $177.10 from $217.86m on Tuesday.
The value of the naira reached a new low on Monday, closing at 1,700/dollar, a 0.29 per cent decline compared to N1,695 to the dollar, which it exchanged last week Friday.
The World Bank has recently listed the naira as one of the worst-performing currencies in Sub-Saharan Africa in 2024
As of August, the local depreciated by approximately 43 per cent year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound.
The decline is attributed to surging demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank.
