The Naira continued its wild decline, plunging to N1, 290 to $1 in Abuja and other markets.
A dollar was purchased for N1,250 and sold for N1,290 yesterday as of 5 p.m., according to Adamu Suleiman, a Bureau de Change operator in zone four of Abuja, which is known for being a hotbed of exchange rate volatility.
“There is nothing new to say again,” he stated. “The price will keep rising as soon as there is a severe shortage. It is determined by supply and demand.”
He was upbeat about the anticipated productive cooperation between the monetary and fiscal authorities, which might probably result in increased market availability and efficiency.
As an investor in this company, I am pleased with the fiscal and monetary authorities’ collaboration. This wasn’t there under Muhammadu Buhari’s administration. Better days are ahead of us, he said, because these individuals on the financial and monetary fronts have known one another for a very long time and have collaborated with the President on several occasions.
At NAFEM, the official window, the exchange rate decreased to N847 per US dollar. In fact, the decrease accounted for 69.3% of the N793 it was worth on Tuesday.
The decline to N847 is the second-lowest value at which the Nigerian Naira has ever traded, following a plunge to N848 earlier this month.
FX turnover for the previous day was $88 million, or 8% of the total, according to trading on NAFEM yesterday.
