The Nigerian naira closed trading on the Investor & Exporter forex window at N996.75/$ on Thursday, marking a 13.95% decline from the previous day’s closing rate of N874.71/$. The naira has experienced a significant loss of 27.75% since the beginning of the week when it opened at N780.23/$, according to data from FMDQ OTC Securities Exchange.
Despite recent efforts by the Central Bank of Nigeria to stabilize the foreign exchange market, the naira’s value has been on a steady decline in both the official and parallel markets. In 2023 alone, the naira has lost approximately 40% of its value, earning it the unenviable position of one of the worst-performing African currencies, according to the World Bank.
In the parallel market, the naira’s depreciation is also evident, falling from N950/$ on Friday to nearly N1,140/$ on Thursday, representing a 20% decline. Bureau De Change operators report the selling rate at N1,100/$ and buying rate at N1,140/$.
A trader named Kadri noted, “Dollar is N1,100 if you want to sell. It is N1,140 if you want to buy.” Another trader, Awolu, expressed a buying rate of N1,100 from our correspondent.
Concerned about the currency’s fall, the presidency has indicated plans to implement policies aimed at strengthening the local currency. Dr. Tope Fasua, a Special Adviser to the President on Economic Matters, emphasized that the government is taking measures to address speculation and stabilize the naira.