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Naira Crashes Again in All Markets, Banks, Traders Sell Dollar at New Exchange Rate
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Naira Crashes Again in All Markets, Banks, Traders Sell Dollar at New Exchange Rate

by  Dave Ibemere 2 min read
  • The value of the naira once again depreciated in the black and official markets against the US dollars
  • The Nigerian currency fell in the black market by N10 and in the official foreign exchange market by 0.84%
  • Nigerian banks and also currency traders have adjusted their buying and selling rates to reflect the new exchange rate

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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerian currency continued its poor performance against the US dollar in the official and unofficial foreign exchange markets.

The latest data from FMDQ securities shows that the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira exchange rate to the dollar, closed at t N1,402.67/$1 on Thursday, May 2, 2024.

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Again, CBN adjusts Customs exchange rates for cargo clearance as naira crashes against dollar

Naira to dollar exchange rate
Nigerian currency, naira, continues to fall against US dollar Photo credit: Pius Utomi
Source: Getty Images

Thursday's rate represents a 0.84 per cent or N11.71 loss for the naira against the US dollar compared to Tuesday's closing price of N1,390.96/$1.

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On Wednesday, May 1, 2024, the official exchange market was closed because of a public holiday.

Naira against other currencies

The CBN data also showed that on Thursday, May 2, the naira weakened against the pound sterling in the spot market by N213.34 to sell at N1,667.01/£1, compared to Tuesday's rate of N1,453.67/£.

While against the euro, the value of the naira depreciated by N178.68 to trade at N1,425.71/€1, in contrast to the previous session's value of N1,247.03/€1.

According to traders who spoke to Legit.ng, Nigerian currency performance in the black market was similar to the official market.

Abudullahi a BDC trader said that the market resumed with high demand from Nigerians looking to get dollar for business, and travels.

Read also

Traders sell dollar at new exchange rate as naira bounces back in forex markets

He said:

"We sold the dollar at N1,390/$1, which represents a N10 devaluation compared to the previous day's exchange rate of N1,380/$1."

Pastor Adeboye predicts naira will bounce back

Legit.ng earlier reported that Adeboye prophesied the possibility of the Nigerian currency bouncing back against the dollar with greater influence.

Adeboye revealed the prophecy at the RCCG's monthly Thanksgiving service on Sunday, which was themed 'Uncommon Miracles'.

According to the religious leader, there was a period when Nigeria's currency completely favoured the US dollar.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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