Naira hits N1,300/$

VAM News January 16, 2024 in Business Tagged 300, N1, Naira - 1 Minute

The naira is currently trading above N1,300/$ on the Peer-to-Peer cryptocurrency window on Tuesday.

This is as many traders on the parallel market confirmed that the national currency is trading close to N1,300 in that segment of the market. On the Binance platform, the naira is currently quoted above N1,300/$.

Some Bureau de Change Operators told The PUNCH that the quoted value is reflective of market realities. An Abuja Bureau de Change seller at Zone 4, Magaji Muhammed, said the price had increased to N1,300/$

He said, “Currently, we are selling for N1,300/$. We are witnessing more demand and that’s why.”

Another BDC seller, Abubakar Taura, however, noted that he could only sell for N1,280 per dollar.

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“I can sell for you at N1,280/$ and that is the highest I can go,” Taura said.

While the official market is yet to close, details from the FMDQ OTC Securities Exchange revealed that the national currency closed trading at N838.95/$ on Monday.

The naira’s continued fall is happening despite efforts by the government to boost liquidity in the official market. Recently, the Nigerian National Petroleum Company Limited got $2.25bn of a $3.3bn oil-for-cash loan facility from the African Export-Import Bank to boost FX liquidity.