Naira falls massively against dollar this Thursday afternoon

On Thursday, November 9, 2023, Nigeria’s currency, the Naira, experienced a further depreciation against the US Dollar in the parallel market.

In the parallel market, the Naira was traded at 1150 Naira per US Dollar on Wednesday, slightly down from the previous day’s rate of 1100 Naira.

A Bureau de Change operator in Zone 4 Abuja, shared insights into the market dynamics, stating, “We sold dollars at N1150 on Wednesday and bought it at 1140 per Dollar.”

This recent development follows the strengthening of the Naira against the Dollar last week when the Central Bank of Nigeria cleared forex backlogs for certain commercial banks and airlines.

Despite the temporary boost, the Naira’s value has since faced renewed challenges in the forex market.