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The Nigerian naira has taken a nosedive in the black market, reaching a new all-time low of N1,730 per dollar. This represents an 8.13% depreciation from the previous rate of N1,600/$ just a few days ago.
Currency traders on the street have set the buying price of the dollar at N1,700 and the selling price at N1,730, leaving a profit margin of N30.
The high demand for dollars from customers is causing a significant impact on the market. Aliyu, a black market trader, expressed his concern about the situation.
“Customers are demanding dollars so much, and it is affecting the market,” he said.
Not only is the black market feeling the pressure, but the official window has also witnessed a depreciation of 2.65% to N1,537.96/$.
This decline occurred on February 16, compared to the rate of N1,498.25 per dollar on February 15.
The local currency experienced a trading high of N1,631 and a low of N1,000, according to data from FMDQ Securities, a platform overseeing foreign exchange trading in Nigeria.
In the midst of the naira’s free fall, the Economic and Financial Crime Commission (EFCC) has taken action.
They recently conducted a raid in Abuja, arresting over 50 illegal Bureau De Change (BDC) operators in Wuse Zone 4.
The EFCC attributed the raid to the rising exchange rate of the U.S. dollar and other currencies against the naira in the forex market. The situation remains tense as the naira struggles to regain its strength.
