Naira slumps further against dollar


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

Data from the official FMDQ market indicated that the Naira closed on Wednesday at 996.75 Naira per US Dollar, reflecting a decrease of 122.01 Naira from the previous day when it traded at 874.71 Naira per US Dollar.

In the parallel market, the Naira was exchanged for 1140 Naira per US Dollar on Thursday from 1100 naira the previous day.

Dayyau Mistila, a Bureau de Change operator at Zone 4 Abuja, disclosed that Nigerians bought Dollars at N1400 on Thursday 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)”,

He spoke.

NAIJAHITZ recalls that the Naira strengthened against the Dollar when the Central Bank of Nigeria cleared forex backlogs to some commercial banks and airlines last week.