On Wednesday, the naira depreciated in the unofficial market, trading at 1,705 naira per dollar, according to Bureau De Change operators in Lagos and Abuja.
Aliyu Sani, a BDC operator in Lagos, reported selling dollars at 1,705 naira and buying them at 1,695 naira.
In Abuja, the exchange rate was slightly lower at 1,700 naira per dollar.
Currency trader Suraju Ajao noted that he sold dollars for 1,700 naira and bought them at 1,690 naira.
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On the Nigerian Autonomous Forex Exchange Market managed by FMDQ Securities, the naira closed at 1,659.69 naira per dollar, marking a 0.04 percent depreciation from Tuesday’s rate of 1,658.97 naira.
In the official market, the naira was traded at a high of 1,682 naira and a low of 1,562.97 naira.
Daily turnover dropped to $177.10 million from $217.86 million on Tuesday. The naira had reached a new low of 1,700 naira per dollar on Monday, reflecting a 0.29 percent decline from the previous Friday’s rate of 1,695 naira.
The World Bank recently classified the naira as one of the worst-performing currencies in Sub-Saharan Africa for 2024.
As of August, the currency had depreciated by about 43 percent year-to-date, placing it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound.
This decline is attributed to a surge in demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank.
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