Naira slumps, exchanges at over N1,500 against dollar

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The naira continued its depreciation against the US dollar in the foreign exchange market.

 

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

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At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

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“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.

 

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The figure increased from the N1, 450 per dollar it traded at the weekend.

 

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

 

This represents an N11.8 drop from the N1466.31 recorded last Friday.

 

Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

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