Connect with us

Click here to join NNU for free and make money while reading news and getting updates daily.

Black Market

Nigeria Currency Crumbles At Official Window



The Nigerian Naira on Friday experienced a decline at the official exchange window, trading at ₦1,169.99 against the American dollar.

According to the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira dropped by 1.38 per cent as against the N1,154.08/$ traded on April 18.

Naija News reports that the naira also depreciated by 17.14 per cent to N1,230 per dollar — from N1,050/$ on April 17.

This decline has put to an end the recent upward trend of the naira at the street market since March 20, when the FX rate was N1,500/$.

Meanwhile, the Central Bank of Nigeria (CBN) has denied selling Foreign Exchange (FX) to Bureau De Change (BDC) operators at the rate of N1,001/$1.


Naija News recalls that on April 8, the apex bank announced it sold FX to BDC operators at the rate of N1,101/$.

In a post via its official X handle on Thursday, the CBN said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of $1001/$1 was “fake”.

According to the apex bank, the BDCs are required to sell to eligible end users with a margin of no more than 1.5 percent above the buying cost.

The CBN, therefore, urged Nigerians to always refer to its website for authentic information.

&copy 2024 Naija News, a division of Polance Media Inc.


Source link: Naija News/

Continue Reading