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.
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