Naira falls to N1,150/$1 as demand remains high

By Sodiq Adelakun

The Nigerian Naira experienced a decline in value in both the official and unofficial markets due to ongoing dollar shortages on Tuesday and Wednesday.

On Wednesday, the Naira dropped to N1,150 per dollar, representing a 0.43 percent decrease from N1,145/$1 on Tuesday at the parallel market, commonly referred to as the black market. 

Street traders were observed purchasing dollars at N1,145 and selling them at N1,150.

A foreign currency trader based in Lagos, known as ‘aboki,’ stated that while there is a supply of dollars, the demand remains high. 

At the Autonomous Foreign Exchange Market (NAFEM), Nigeria’s official FX market, the naira depreciated by 10.78 percent as the dollar was quoted at N830.97 on Tuesday as against N750.14 quoted on the previous day, data from the FMDQ indicated.

Currency dealers quoted dollars as high as N1,121 on the spot segment and as low as N600 per dollar.

The daily foreign exchange market turnover declined 30.71 percent to $122.46 million on Tuesday from $176.75 million recorded on Monday.