Naira Falls To New Low As Demand For Dollars Surges

The naira experienced a decline in value in the unofficial market on Wednesday, trading at 1,705 naira per dollar, according to Bureau De Change operators in Lagos and Abuja. In Lagos, one operator reported selling dollars for 1,705 naira and buying them at 1,695 naira, while in Abuja, the rate was slightly lower at 1,700 naira.

Currency trader Suraju Ajao noted that he sold dollars for 1,700 naira and bought them at 1,690 naira. On the Nigerian Autonomous Forex Exchange Market, the naira closed at 1,659.69 naira per dollar, reflecting a 0.04 percent decline from Tuesday’s rate of 1,658.97 naira.

In the official market, the naira fluctuated between 1,682 naira and 1,562.97 naira per dollar. Daily turnover also fell to $177.10 million, down from $217.86 million the previous day.

This week, the naira hit a new low, closing at 1,700 naira per dollar, a 0.29 percent decrease from the previous week’s exchange rate of 1,695 naira. The World Bank recently identified the naira as one of the worst-performing currencies in Sub-Saharan Africa for 2024.

As of August, the naira had depreciated by about 43 percent year-to-date, placing it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound. This decline is attributed to a rising demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements from the central bank.

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