Naira tumbles, surpasses N1,300/$1 on P2P market

By Sodiq Adelakun

The Nigerian naira is currently experiencing a significant decline in value, with the exchange rate surpassing N1,300/$ on the Peer-to-Peer cryptocurrency window.

Traders on the parallel market have confirmed that the national currency is trading close to N1,300 in that segment.

The Binance platform also quotes the naira above N1,300/$.Bureau de Change operators in Sango, Ogun State, shared their experiences with price fluctuations and instability, highlighting the impact on their money business.

Ahmed Abdullahi, one of the operators, stated that they are currently selling at N1,311/$.

He further explained that the increasing demand is forcing them to sell at a loss.

Despite the government’s efforts to boost liquidity in the official market, the naira’s decline continues.

On Monday, the FMDQ OTC Securities Exchange reported that the national currency closed trading at N838.95/$.To address the liquidity issue, the Nigerian National Petroleum Company Limited recently secured $2.25 billion of a $3.3 billion oil-for-cash loan facility from the African Export-Import Bank.

However, these measures have not been sufficient to stabilize the naira’s value.