On Tuesday, the Naira lost value against the US dollar and fell to N1,080/$ on the black market.
In comparison to the N1, 030/$ it traded on Monday, this represents a 4.85% loss.
Additionally, it is the second day that the naira is losing ground after experiencing a surge at the end of last week following reports that the Central Bank of Nigeria had started to reduce part of its foreign exchange reserves.
The naira has lost N130 of its value versus the dollar from Friday’s closing trading session at N950/$, a 13.68 percent depreciation. It traded on Tuesday between N1,060/$ and N1,095/$, according to Bureaux De Change operators.
Kadri, “Dollar is N1,040 if you want to sell.” It costs N1,080 if you wish to purchase.
“Dollar is N1,095 if you want to buy,” remarked Awolu. The amount is N1,070 if I want to buy from you,” Muhammad said, adding, “The dollar is N1,050 if you want to sell.” If you would like to purchase it, it is N1,060.
According to information on FMDQ OTC Securities Exchange, the naira lost 7.53 percent of its value on the official market on Tuesday, falling to N869.91/$ from N809.02/$ on Monday.
Aminu Gwadabe, the president of the Association of Bureaux De Change Operators of Nigeria, attributed the decline on speculators’ actions on Monday.
“Speculators are always looking at elements of sustainability,” They start to respond as soon as they realize the injection is not continuous. They start to respond. We are seeing the market’s response to it. There is opposition as well. Some customers paid more, which is not in their best interests. Individuals are unwilling to sustain additional losses.
The presidency has issued a warning to Nigerians who are hoarding foreign currency, stating that they may be shocked by new regulations the government is implementing. This was revealed at the “Cowries to Cash” lecture and lunch on Tuesday in Abuja by Dr. Tope Fasua, Special Advisor to the President on Economic Matters.
He revealed that the administration of President Ahmed Bola Tinubu is developing measures to support the Naira. Fasua states that the government’s recent actions toward the foreign exchange market are anticipated to continue.
The presidency has issued a warning to Nigerians who are hoarding foreign currency, stating that they may be shocked by new regulations the government is implementing. This was revealed at the “Cowries to Cash” lecture and lunch on Tuesday in Abuja by Dr. Tope Fasua, Special Advisor to the President on Economic Matters.
He revealed that the administration of President Ahmed Bola Tinubu is developing measures to support the Naira. Fasua states that the government’s recent actions toward the foreign exchange market are anticipated to continue.
