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.
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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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