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Naira Slumps, Exchanges At Over N1,500 Against Dollar
Naira Slumps, Exchanges At Over N1,500 Against Dollar
The Nigerian naira continued its downward spiral against the US dollar in the foreign exchange market, reaching alarming levels according to recent data.....KINDLY READ THE FULL STORY HERE▶
Reports from both the parallel market segment and FMDQ indicated a further decline of the naira against the dollar on Monday.
In the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, disclosed to DAILY POST that the naira was being sold for as high as N1,517 per dollar on Monday, before eventually settling at N1,500 per dollar.
“This morning, the dollar was trading at N1,517 per dollar. However, upon hearing news of the impending arrival of Economic and Financial Crimes Commission operatives, we adjusted to selling at N1,500 this evening,” Dayyabu stated.
This figure represents a significant increase from the N1,450 per dollar rate recorded over the weekend.
Likewise, in the official market, FMDQ data revealed a decline to N1,478.11 per dollar on Monday from N1,466.31 recorded last Friday.
This drop of N11.8 underscores the ongoing challenges faced by the naira against the dollar.
Earlier remarks from the Central Bank of Nigeria Governor, Olayemi Cardoso, indicated the commitment of the apex bank’s Monetary Policy Committee to combat Nigeria’s soaring inflation rate, which stood at 33.22 percent in March 2024.
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