The Nigerian currency, the naira, has depreciated against the United States dollar and other foreign currencies.

Legit.ng spoke to various Bureau de Change operators who confirmed that the value of the naira dropped by N10, and the buy and selling rate is now above N1,600.

Abudullahi, one of the BDC trader,s told Legit.ng:

"The dollar buying rate is N1,600, while the selling rate is N1,610. Previously, the buying rate for a dollar was N1,590.

"The euro sells at N1,800, and we buy at N1,780. The British pound sterling is selling at N2,140, with a buying rate of N2,120."

Naira falls in the official market

The naira continued its decline against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, May 5, slipping by 0.2 per cent or N4.22 to close at N1,606.91/$1, compared to N1,602.69/$1 in the previous trading session.

The local currency also depreciated against the British pound, losing N4.43 to trade at N2,137.73/£1, down from Friday’s rate of N2,133.30/£1. Similarly, it fell against the euro by N1.51, settling at N1,821.75/€1 from the previous rate of N1,820.24/€1.

The pressure on the naira in the spot market was driven by increased demand for foreign exchange amid a slowdown in forex supply from the Central Bank of Nigeria (CBN).

The drop in oil prices has put CBN in a more challenging position as the sale of crude oil provides the needed firepower to defend the naira against demand pressures.

Here are other currencies' exchange rates

The CBN also provided the updated currencies exchange rate changes.

- CFA: N2.76 Yuan/Renminbi: N220.79

- Danish Krona: N244.11

- Euro: N1821.75

- Yen: N11.17

- Riyal: N428.10

- South African Rand: N87.79

- Swiss Franc: N1951.66

- Pounds Sterling: N2137.73