Economy
Naira Weakens Against Dollar, Trading at N1,169/$
The Nigerian Naira has witnessed a slight decline at the official exchange window, now trading at N1,169.99 to the dollar.
According to data from the FMDQ Exchange, the official trading platform overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira experienced a 1.38% drop compared to its trading rate of N1,154.08/$ on April 18.
Furthermore, the local currency has depreciated significantly, falling by 17.14% to N1,230 per dollar from its previous rate of N1,050/$ on April 17.
This recent decline marks an end to the Naira’s upward trajectory in the parallel market since March 20, when the FX rate stood at N1,500/$.
These developments come on the heels of the Central Bank of Nigeria (CBN) refuting claims of selling foreign exchange to Bureau De Change (BDC) operators at the rate of N1,001/$1.