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The Nigerian currency, the Naira, has experienced a decline in value against the United States Dollar in the forex markets. The latest data shows that it fell by 0.1% in the official market, but a more significant drop was recorded in the unofficial markets.
As a result, Nigerian banks and traders in the black market have adjusted their exchange rates to align with the new currency value.
Official and Unofficial Markets Affected
In the official market, data from FMDQ Securities reveals that the Naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,309.88/$1 on Thursday, April 25, 2024.
This marks the fifth consecutive trading session in which the Naira has depreciated against the US Dollar. Despite an increase in the supply of foreign exchange to the spot market, the Naira’s value continues to decline.
Black Market Exchange Rate
The Naira’s story is similar in the black foreign exchange market, also known as the parallel market. On Thursday, the Naira experienced a loss of N120 against the Dollar, trading at N1,420/$1 compared to the previous session’s rate of N1,300/$1.
This represents the largest fall recorded since February 2024, indicating a significant decrease in the Naira’s value within a 24-hour period.
This article was updated 2 weeks ago
