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BREAKING: Forex Traders Sell Dollar at New Rates To Customers As Naira Depreciates by Over N90

Nigerian currency has once again dropped in value against the US dollar in the foreign exchange market Data shows that the naira in the official market fell by over N90 while in the unofficial market, it dropped by N32 The Central Bank of Nigeria has released a new guideline to checkmate activities of forex speculators.

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

The Naira poor performance continues on the Nigerian Autonomous Foreign Exchange Market (NAFEM) the official foreign exchange market.

Data from FMDQ shows that on Friday, February 23, the naira depreciated against the US dollar at NAFEM by about 6%, or N94.19, to close at N1,665.50/$1, compared to the N1,571.31/$1 rate.

This depreciation was due to a shortfall in the supply of foreign exchange (FX) to the official market during the session.

Checks show that the value of forex transactions in the spot market yesterday declined by 20.9%, or $40.32 million, to $151.92 million from the $192.25 million transacted a day earlier.

The CBN data shows that against the Pound Sterling and Euro at NAFEM naira closed at N1,880.81/£1 and N1,609.89/€1, respectively.

In the Peer-to-Peer (P2P) window, things got better for the Nigerian currency as its value improved against the greenback on Friday by N32 to trade at N1,705/$1, in contrast to the previous day’s N1,737/$1.

Also, the domestic currency appreciated against the Dollar in the black market during the session to close at N1,800/$1 versus the N1,895/$1 it was transacted in the preceding trading session.