Naira Crisis Deepens: Currency Trades at N1,421 To Dollar

Naira is trading at N1,421 on the official market as it continues to weaken versus the dollar.

On Wednesday, May 8, in the official market, the value of the naira slightly declined, closing at N1,421.06 to the US dollar.

The naira declined by N4.49, according to data obtained from the official trading portal of the FMDQ Securities Exchange, which regulates the Nigerian Autonomous Foreign Exchange Market, or NAFEM.

Comparing this to the previous trading day, when it was worth N1,416.57 per dollar, indicates a decline of 0.31 percent.

The entire daily turnover did, however, grow; on Wednesday, May 8, it reached N164.74 million, up from the N160.77 million reported on Tuesday, May 7.

The naira was trading between N1,440 and N1,335 against the dollar at the Investors and Exporters, or I&E, window.

Bureau de Change, or BDC, operators set the purchase rate of the US dollar at N1,400 and the selling price at N1,430 on Monday, May 6, when the dollar had also declined against the greenback, leaving a profit margin of N30.

On Monday, May 3, the official market saw a 3.30 percent increase in the value of the naira, which was trading at N1,354.21 to the dollar on Friday, May 3.

According to data from FMDQ Securities Exchange, throughout the trading session, the dollar swapped for as much as N1,441 and as little as N1,285.

The new currency rates strategy implemented by the current government and the Central Bank of Nigeria (CBN) is drawing investors, according to Richard Montgomery, the British high commissioner to Nigeria, who made this claim on May 5.