Nigeria’s currency, Naira, on Thursday weakened by N1.00k as the dollar was trading at N440 compared to N439 traded on the previous day.
Traders attributed the high cost of dollar to increased demand as importers were buying dollars from the black market to settle their objections.
The foreign exchange market opened on Thursday with an indicative rate of N385.35k, which showed Naira depreciating by N0.27k when compared with N385.08k traded on Wednesday at the Investors and Exporters (I&E) forex window, data from FMDQ revealed.
However, Nigeria’s currency Naira, on Tuesday, appreciates by N5 as the dollar was trading at N430 from N435 traded on Monday at the black market.
Some traders were selling the dollar for N435 based on how they sourced. “Dollar is not much in the market and people are selling at different prices,” one of the traders in the Festac area of Lagos said.
At the retail Bureau, Naira weakened by N5 with the dollar selling at N435 on Tuesday compared to N430 sold the previous day.
The Central Bank of Nigeria (CBN) on Wednesday last week resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).