Naira (NGN) vs Dollar (USD): Nigeria Currency Crumbles At Official Window

The Nigerian Naira on Friday experienced a decline at the official exchange window, trading at ₦1,169.99 against the American dollar.

According to the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira dropped by 1.38 per cent as against the ₦1,154.08/$ traded on April 18.

Naija News reports that the naira also depreciated by 17.14 per cent to ₦1,230 per dollar from ₦1,050/$ on April 17.

This decline has put to an end the recent upward trend of the naira at the street market since March 20, when the FX rate was ₦1,500/$.

Meanwhile, the Central Bank of Nigeria (CBN) has denied selling Foreign Exchange (FX) to Bureau De Change (BDC) operators at the rate of N1,001/$1.

Naija News recalls that on April 8, the apex bank announced it sold FX to BDC operators at the rate of ₦1,101/$.

In a post via its official X handle on Thursday, the CBN said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of $1001/$1 was “fake”.

According to the apex bank, the BDCs are required to sell to eligible end users with a margin of no more than 1.5 percent above the buying cost.

The CBN, therefore, urged Nigerians to always refer to its website for authentic information.