Nigerian currency continued its poor performance against the US dollar in the official and unofficial foreign exchange markets.
The latest data from FMDQ securities shows that the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira exchange rate to the dollar, closed at t N1,402.67/$1 on Thursday, May 2, 2024.
Thursday’s rate represents a 0.84 per cent or N11.71 loss for the naira against the US dollar compared to Tuesday’s closing price of N1,390.96/$1.
On Wednesday, May 1, 2024, the official exchange market was closed because of a public holiday.
The CBN data also showed that on Thursday, May 2, the naira weakened against the pound sterling in the spot market by N213.34 to sell at N1,667.01/£1, compared to Tuesday’s rate of N1,453.67/£.
While against the euro, the value of the naira depreciated by N178.68 to trade at N1,425.71/€1, in contrast to the previous session’s value of N1,247.03/€1.
According to traders who spoke to TimesNow.com.ng, Nigerian currency performance in the black market was similar to the official market.
Abudullahi a BDC trader said that the market resumed with high demand from Nigerians looking to get dollar for business, and travels.
He said:
TimesNow.com.ng earlier reported that Adeboye prophesied the possibility of the Nigerian currency bouncing back against the dollar with greater influence.
Adeboye revealed the prophecy at the RCCG’s monthly Thanksgiving service on Sunday, which was themed ‘Uncommon Miracles’.
According to the religious leader, there was a period when Nigeria’s currency completely favoured the US dollar.
Source: TimesNow.com.ng
