Despite efforts by the Central Bank of Nigeria to strengthen the foreign exchange market, the naira closed at N996.75/$ on Thursday, November 9, at the foreign exchange market for investors and exporters.
According to the igberetv, this is a 13.95% drop from Wednesday, November 8’s closing price of N874.71/$. According to details from the FMDQ OTC Stock Exchange, the naira’s value has dropped 27.75% from the week’s close of N780.23/$.
The naira will lose about 40% of its value by 2023 and was named one of the worst performing African currencies by the World Bank.
On the parallel market, it was trading at 1,140 naira/dollar as of Thursday. A trader who identified himself as Kadri told this publication, “If you want to sell, the dollar is N1,100; if you want to buy, it is N$1,140.” Another trader, Awol, said he would buy the dollar for N1,100. If you want to sell to me, the dollar is N1,100″.
