Again, dollar crashes against naira in official foreign exchange market

The Naira’s upward trend against the US dollar continued on Wednesday, with an exchange rate of N1,300.43 per dollar recorded in the official foreign exchange market.

According to FMDQ data, the Naira appreciated to N1,300.43 per USD on Wednesday, marking a significant increase from the N1,382.95 rate of the previous day.

This indicates a gain of N82.52 against the USD in the official forex market.

Similarly, in the parallel market, a Bureau De Change Operator in Wuse Zone 4, Abuja, Mistila Dayyabu, reported selling the Naira at N1,300 per USD.

Aminu Gwadabe, the President of the Association of Bureau De Change Operators in Nigeria (ABCON), confirmed that the dollar is being sold for prices ranging between N1,300 and N1,320.

He also forecasted that the Naira could appreciate to N1,000 per USD by December 2024.

Recalling Monday’s activity, the Central Bank of Nigeria (CBN) sold $10,000 to each BDC at N1,251 per US dollar, marking a significant FX intervention.

In March 2024, analysts at Goldman Sachs had forecasted that the Naira would appreciate to N1,200 per US dollar within the next 12 months.