Access, UBA, GTB, other banks, traders sell dollar at new exchange rate as naira falls again

The Nigerian naira has recorded another poor performance against the US dollar in the official and unofficial markets.

In the official market, data from FMDQ securities showed that the naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,309.88/$1 on Thursday, April 25, 2024.

It is also the fifth straight trading session in which the value of the naira has dropped.

Naira depreciated despite an improvement in the supply of FX to the spot market, as the total transaction rose by 61.0%, or $120.54 million, to $318.08 million from $197.54 million.

Also, CBN data showed that naira witnessed further drops against the pound sterling and the euro on Thursday.

Against the British currency, it lost N64.95 to sell at N1,655.20/£1 compared to N1,590.25/£1, and against the euro, it depreciated by N55.81 to sell at N1,423.04/€1 compared to N1,367.23/€1.

Naira to the dollar at the black market

The naira's story was the same in the black foreign exchange market, also known as the parallel market.

On Thursday, the naira suffered an N120 loss against the dollar, trading at N1,420/$1 compared with the midweek session's N1,300/$1.

This indicates a loss of N120 in just 24 hours, the biggest fall recorded since February 2024.

CBN sells dollars to BDC operators

Earlier, Legit.ng reported that the Central Bank of Nigeria again conducted another round of dollar sales to licensed Bureau De Change Operators.

The sale is part of the apex bank's plan to ensure enough liquidity in the market and stabilise the currency.

The CBN has also fixed an exchange rate limit for the BDCs when selling to Nigerians seeking dollars.