Naira crashes again in all markets as Access, UBA, others quote new buying rates for the dollar

The Nigerian currency weakened in all the markets, with the black market the hardest hit.

On Friday, April 19, 2024, the parallel market weakened by the most in over a month, ending a massive rebound from early March.

In the black market, the naira traded for N1,230 per dollar on Friday, April 19, 2024, declining by 17% compared to the N1,050 it traded the day before.

Currency traders say Friday saw a rise in demand for the US greenback, but they expect the naira to recover from the losses in the coming days.

In the official market, the naira fell, trading at N1,169.99 against the Thursday rate of N1,154.

Data from the FMDQ Exchange shows that the Nigerian currency traded at a high of N1,236 and a low of N1,021.

The Central Bank of Nigeria (CBN) said on Thursday, April 18, 2024, refuted claims that it sold forex at the rate of N1,001 per dollar to the Bureau de Change operators (BDCs).

The financial institutions regulator said in a post on social media that the report was fake.