Naira Crashes Again in All Markets, Banks, Traders Sell Dollar at New Exchange Rate [Video]

• The value of the naira once again depreciated in the black and official markets against the US dollars
• The Nigerian currency fell in the black market by N10 and in the official foreign exchange market by 0.84%
• Nigerian banks and also currency traders have adjusted their buying and selling rates to reflect the new exchange rate

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerian currency continued its poor performance against the US dollar in the official and unofficial foreign exchange markets.

The latest data from FMDQ securities shows that the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira exchange rate to the dollar, closed at t N1,402.67/$1 on Thursday, May 2, 2024.

Thursday’s rate represents a 0.84 per cent or N11.71 loss for the naira …