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Naira crashes to 1,233/dollar

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The naira continued its free fall, sinking to a record low of N1,482.57 per dollar

The naira exchanged to the dollar at 1,233/$ on Monday at the parallel market, Bureau de Change operators disclosed.

The local currency, which was bought and sold at 1,228/$ and 1,233/$ had traded at the same rate on Friday, BDC operators told Punch News.

Figures obtained from Abokifx showed that the Pound Sterling was bought and sold at 1,550/ £ and 1,565/ £, while Euro was 1,290/€ and 1,305/€ respectively.

A BDC operator in Lagos, Kamarudeen Ibrahim, said, “The naira traded at 1,220/$ a week earlier, but weakened to 1,233/$ by the end of the week.”

Another BDC operator, Akeem Yusuf, said, “The naira was sold for 1,233/$ on Friday; today, Monday, it did not change because people are not buying.” The naira weakened slightly at the parallel market by 1.1 percent, or N13.

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However, on the Investor & Exporter forex window, the local currency appreciated slightly on Friday, according to figures obtained from the FMDQ.

The local currency, which closed at 889.63/$ on Thursday, appreciated slightly by 0.42 percent, or N3.75, to close at 885.88/$ on Friday.

Trading commenced at the official market at N915/$ and reached a high of N1,248/$ before closing at N885.88. The market recorded a total turnover of $92.16m on Friday.

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