Naira crashes again, banks, traders sell dollar at new exchange

The naira has continued its bad performance against the US dollar in the official and unofficial foreign exchange markets.

Reports from the FMDQ securities shows that the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira exchange rate to the dollar, closed at N1,402.67/$1 on Thursday, May 2, 2024. This rate shows a 0.84 per cent or N11.71 loss for the naira against the dollar compared to Tuesday's closing price of N1,390.96/$1.

On Wednesday, May 1, 2024, the official exchange market was closed due to a public holiday.

The CBN data also revealed that on Thursday, May 2, the Nigerian currency weakened against the British pound sterling in the spot market by N213.34 to sell at N1,667.01/£1, compared to Tuesday's rate of N1,453.67/£.

"While against the euro, the value of the naira depreciated by N178.68 to trade at N1,425.71/€1, in contrast to the previous session's value of N1,247.03/€1," legit.ng reports.

Traders who were interviewed by Legit.ng, say that the naira's performance in the black market was similar to the official market.

Abudullahi a BDC trader stated that the market resumed with high demand from Nigerians looking to get dollar for business, and travels.

"We sold the dollar at N1,390/$1, which represents a N10 devaluation compared to the previous day's exchange rate of N1,380/$1," he said.