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The Naira Experiences Further Decline Against the Dollar

Nigeria’s currency, the Naira, witnessed a further decline against the US Dollar in the foreign exchange markets on Thursday.

Data from the official FMDQ market revealed that the Naira’s closing rate on Wednesday was 996.75 Naira per US Dollar, marking a decrease of 122.01 Naira compared to the previous day’s rate of 874.71 Naira per US Dollar.

In the parallel market, the Naira was traded at 1140 Naira per US Dollar on Thursday, up from 1100 Naira the day before.

According to Dayyau Mistila, a Bureau de Change operator at Zone 4 Abuja, Nigerians purchased Dollars at N1400 on Thursday, indicating an increase from N1100 on Wednesday.

“We sold dollars at N1140 on Thursday and bought it at 1130 per Dollar, the figure remained the same this morning(Friday)”,