Naira plummets to N1,780 per dollar, reversing recent gains

The Nigerian Naira experienced a sharp value decline on Wednesday, falling from N1,600 to N1,780 per dollar in the black market.

This reversal comes after the currency’s recent gains, which were short-lived.

According to a Bureau De Change (BDC) operator, the current buying and selling rates are N1,720 and N1,780 per dollar, respectively.

The Naira’s depreciation began on Wednesday, marking the second consecutive decline since the launch of the Electronic Foreign Exchange Matching System (EFEMS).

The currency lost N85, falling from N1,580 on Monday to N1,665 per dollar in the black market.

Some dealers quoted rates as high as N1,715/$1, while some International Money Transfer Operators (IMTOs) quoted N1,745.

Stock trading apps like Grey and Trove also quoted N1,728 per dollar and N1,736 per dollar, respectively.