Naira Drops to N1,780 Per Dollar as Speculators Take the Blame

The Naira experienced a sharp drop from N1600 to N1,780 per dollar on Wednesday which reversed its recent gains in the black market.

“We are buying at N1720 and selling at N1780 per dollar,” a BDC operator told BusinessDay.

On Wednesday, the local currency depreciated for the second straight time since the launch of EFEMS to N1,665 per dollar, losing N85 from N1,580 quoted on Monday, in the black market.

The rates above N1,700/$1 suggest that last week’s gains were temporary.

Some dealers quoted N1,715/$1 while some IMTOs quoted N1,745. Stock trading apps like Grey and Trove quoted N1,728 per dollar and N1,736 per dollar respectively.

SOURCE: BusinessDay