Exchange RateNews

Naira Plunges, Reaches Over N1,500 to the Dollar

The naira’s value continues to slide against the US dollar in the foreign exchange market.

On Monday, both the parallel market and FMDQ reported further depreciation of the naira against the dollar.

In the parallel market, Mistila Dayyabu, a Bureau De Change operator in Wuse Zone 4, revealed that the naira peaked at N1,517 per dollar before settling at N1,500 by the evening.

“In the morning, we were trading dollars at N1,517. However, with news of Economic and Financial Crimes Commission operatives arriving, we adjusted the rate to N1,500,” Dayyabu explained.

This new rate is up from the N1,450 per dollar seen over the weekend.

FMDQ data also indicated a decline in the official market, where the naira fell to N1,478.11 per dollar on Monday from N1,466.31 last Friday, marking an N11.8 decrease over the weekend.

Central Bank of Nigeria Governor Olayemi Cardoso earlier affirmed that the bank’s Monetary Policy Committee is dedicated to tackling the country’s escalating inflation, which reached 33.22 percent in March 2024.

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