The Naira, the currency of Nigeria, fell more against the US Dollar on Thursday on the foreign exchange markets.
According to the official FMDQ market, the Naira dropped 122.01 Naira from the previous day’s closing price of 874.71 Naira per US Dollar to Wednesday’s closing price of 996.75 Naira per US Dollar.
On Thursday, the Naira was worth 1140 naira per US dollar, up from 1100 naira the day before on the black market.
Dayyau Mistila, who runs a Bureau de Change in Abuja’s Zone 4, said that Nigerians have been purchasing Dollars at N1400 (up from N1100) since Thursday.
When the Central Bank of Nigeria settled forex arrears with some commercial banks and airlines last week, BANKPAWA reports that the Naira appreciated versus the Dollar.