Nigeria News
Naira crashes against Dollar in Black Market
The naira ended the week on a negative note, weakening against the US dollar in the parallel (black) foreign exchange market.
A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, told DAILY POST that the naira depreciated to N1,635 per dollar on Friday, compared to N1,625 recorded the previous day.
“On Friday, we buy at N1,625 per dollar and sell at N1,635,” Alhasan said.
This indicates a N10 drop in the value of the naira on a day-to-day basis in the black market.
Meanwhile, at the official foreign exchange window, the naira experienced a marginal gain.
According to data from the Central Bank of Nigeria (CBN), the local currency appreciated to N1,598.72 per dollar on Friday, up from N1,599.32 on Thursday. This represents a slight N0.60 gain.
Despite the fluctuation, the naira recorded more gains than losses across the forex markets during the week under review.
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