Naira depreciates against US Dollar in official market, BDC traders give new exchange rate

Nigerian currency, the naira ended the month of May 2024 against the US Dollar the same way it started.

New data from FMDQ securities showed that the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) which is the official market closed at N1,485.99/$1 on Friday, May 31.

The rate on Friday indicates a 0.08% or N1.24 loss when compared to Thursday’s closing price of N1,484.75/$1.

This happened after the value of foreign exchange (FX) transactions at the official market decreased by 9.3% or $21.90 million to $213.52 million from the $235.41 million in the previous day.

The closing rate of Friday means that the naira reversed confirmed that Nigerian currency has reversed most of the improvement recorded in April, March and February.

Nigerian currency also witnessed a sharp decline against the British pound sterling and also the euro.

According to CBN data, naira fell by N353 against the pound sterling in the official market on Friday, trading at N1,877.92/£1 versus the N1,524.52/£1 it finished a day earlier.

While against the euro, it weakened by N301.53 to sell for N1,598.96/€1 versus N1,297.43/€1 quoted in the preceding session.

In the parallel market, Bureau de Change also crashed naira following the trend in the official market.

Abudulahi a BDC trader told Legit.ng that a dollar is now sold at N1,490/$1 on Sunday, June 2, 2024, compared to the previous rate of N1,480/$1 on Friday.

During the week, the naira recorded some improvement, but all this changed on Friday and Saturday as more Nigerians in need of dollars quickly came to us. This was the reason the rates were adjusted. It is a demand and supply market."