In recent days, the Nigerian Naira has experienced a series of declines against the US dollar in the foreign exchange market.
According to data from FMDQ, the Naira recorded its seventh consecutive drop against the Dollar, quoting N1309.88 per Dollar on Thursday, compared to N1308.52 on Wednesday. This represents a daily loss of N1.36.
In the parallel market section, the Naira fell between N1,300 and N1,370 on Thursday, down from between N1,250 and 1,300 the previous day.
Over the past four days, the Naira has consistently depreciated against the Dollar in the FX market, with three drops recorded last week alone.
Since April 17, 2024, when it traded at N1,072.74 per Dollar, the Naira has lost N237.14.
Despite the Central Bank of Nigeria’s intervention, which involved releasing 10,000 dollars to Bureau De Change (BDC) operators at N1,021 per dollar with a caveat to sell at most 1.5 percent above the purchased price, the Naira’s decline has persisted.
BDC operators have attributed the recent depreciation of the Naira against the dollar in the foreign exchange market to peer-to-peer cryptocurrency platforms like Binance.