Naira Slumps Against Dollar

Nigeria’s currency, the Naira, depreciated further against the US Dollar in the foreign exchange market on Wednesday.

Data from the official FMDQ market indicated that the Naira closed on Wednesday at N874.71 per US Dollar, reflecting a decrease of N65.51 from the previous day when it traded at N809.2 per US Dollar.

In the parallel market, the Naira was exchanged for N1,110 per US Dollar on Wednesday from N1,100 the previous day.

Dayyau Mistila, a Bureau de Change operator at Zone 4 Abuja, disclosed that Nigerians bought Dollars at N1,100 on Wednesday.

“We sold dollars at N1110 on Wednesday and bought it at 1100 per Dollar”, he said.

DAILY POST reports that the Naira strengthened against the Dollar when the Central Bank of Nigeria cleared forex backlogs to some commercial banks and airlines last week.