Naira Slides by N130 Against Dollar on Parallel Market

The Nigerian Naira, the country’s currency, saw a decrease of N130 against the US dollar in the informal foreign exchange market on Sunday, as reported by Bureau De Change operator Mistila Dayyabu during an interview.

Dayyabu highlighted that the Naira’s value fell to N1,420 per dollar from N1,290 within a span of less than 48 hours in the parallel market due to increased demand.

Despite the Naira’s appreciation at the official and informal foreign exchange markets on Friday, the currency has been subject to fluctuations, even with interventions from the Central Bank of Nigeria.

Between March 26th and April 26th, 2024, the Central Bank released foreign exchange reserves three times to Bureau De Change operators, with financial expert Kalu Aja attributing the Naira’s appreciation from March to mid-April 2024 to the CBN’s interventions.