The naira’s value dropped further in the unofficial market on Wednesday, trading at ₦1,705 per dollar, according to Bureau De Change operators in Lagos and Abuja. Aliyu Sani, a BDC operator in Lagos, told The PUNCH that he sold dollars for ₦1,705 and bought them at ₦1,695. In Abuja, the rate was slightly lower, with dollars being sold at ₦1,700.
Suraju Ajao, a currency trader, mentioned that in Abuja, he sold dollars for ₦1,700 and bought them at ₦1,690.
Meanwhile, on the Nigerian Autonomous Forex Exchange Market, housed at FMDQ Securities, the naira closed at ₦1,659.69 per dollar, a 0.04% depreciation from Tuesday’s rate of ₦1,658.97. In the official market, the naira traded between a high of ₦1,682 and a low of ₦1,562.97 per dollar.
The daily turnover also fell from $217.86 million on Tuesday to $177.10 million on Wednesday. On Monday, the naira reached a new low, closing at ₦1,700 per dollar, a 0.29% drop from ₦1,695 on Friday.
Recently, the World Bank listed the naira among the worst-performing currencies in Sub-Saharan Africa for 2024. By August, the currency had depreciated by approximately 43% year-to-date, placing it among the weakest currencies alongside the Ethiopian birr and South Sudanese pound.
