FX crisis: Naira depreciates by N130 against dollar in 24 hours

The Naira depreciated by N130 against the United States dollar at the parallel foreign exchange market on Sunday.

A Bureau De Change operator, Mistila Dayyabu, disclosed this to the DAILY POST in an interview.

He noted that Naira dropped to N,1420 per dollar from N1,290 in less than 48 hours at the parallel market.

“The Naira depreciated to N1,420 per dollar on Sunday at the parallel market due to high demand. We buy at N1,410 per dollar and sell at N1420 as of Sunday. It was N1290 per dollar on Friday,” told DAILY POST.

DAILY POST recalls that the Naira appreciated at both the official and parallel foreign exchange markets on Friday.

The Naira has continued to experience fluctuations in foreign exchange despite the Central Bank of Nigeria’s interventions.

From March 26th to April 26th, 2024, the apex bank released FX thrice to Bureau De Change operators.

Financial expert Kalu Aja said CBN’s intervention was the reason for the appreciation of the Naira from March to mid-April 2024.

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