The naira’s surge since late March which had made it the best-performing currency in the world came to a stop on Friday when it had its biggest decline in more than a month on the parallel market.
In street dealing on Friday, a dollar went for N1,230, a 17 percent decrease from N1,050 the day before.
Although demand was higher on the day, traders still predicted that the naira would recover some of its losses in the next few days.
Additionally, on Friday, the naira lost 1.38 percent of its value versus the dollar at the official market, falling to N1,169.99 from N1,154.08 on April 18.
The local currency saw trading at a high point of N1,236 and a low point of N1,021, as per the rates calculated by FMDQ Securities Exchange.
On Thursday, the Central Bank of Nigeria (CBN) declined to supply foreign exchange to BDC operators at a rate of N1,001 per $1.
On April 18, the Apex Bank claimed in a post on X that a circular it had released stating it had announced the sale of $10,000 to BDCs at the cost of N1,001/$1 was “fake”.
