Despite recent moves by the Central Bank of Nigeria to strengthen the foreign exchange market, the naira closed trading on the Investor & Exporter forex window on Thursday at N996.75/$.

This is a 13.95 per cent decline from the N874.71/$ it closed trading on Wednesday. So far, the naira has lost 27.75 per cent of its value since opening the week at N780.23/$ according to details on FMDQ OTC Securities Exchange.

Since firming up against the dollar last week, after news that the apex bank was clearing some of its backlog broke, the naira has been on a steady decline in both the official and parallel markets.

So far, the naira has lost about 40 per cent of its value in 2023, earning the tag of one of the worst performing African currencies from the World Bank.

In the parallel market, the currency has lost value too, falling from N950/$ as of Friday to close to N1,140/$ as of Thursday according to Bureaux De Change operators who spoke to The PUNCH. This represents a 20 per cent decline.

A trader who only gave his name as Kadri said, “Dollar is N1,100 if you want to sell. It is N1,140 if you want to buy.” Another trader, Awolu, stated that he would buy the dollar at N1,100 from our correspondent.

e said, “Dollar is N1,100 if you want to sell to me.”

Earlier in the week, the President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, told The PUNCH that the dollar was gaining against the naira because people who had bought it at a higher price were resisting its fall.

He said, “Speculators are always looking at elements of sustainability. Once they sense that it (the injection) is not continuous, they begin to react. They begin to react. It is the reaction of the market we are witnessing. Also, there is resistance. There are people that bought at a higher price that this does not favour. People are not willing to take further losses.”

Concerned with the fall of the currency, the presidency recently stated that it is planning policies to strengthen the local currency.

A Special Adviser to the President on Economic Matters, Dr Tope Fasua, who was representing the Vice President, Kashim Shettima, at an event, said: “For those who are speculating and praying and wishing that the currency would become nonsense, I believe that the central bank is rolling out the policies and the government that I serve, led by the President, will shock some of them.”

You're borrowing dollars to strengthen naira in this unproductive ebola govt...how long will it last?

Ebola's yatch is also a borrowed #5bn

RAT suv's are also a borrowed #1.5bn


Useless propaganda government

Ozommadu:
You're borrowing dollars to strengthen naira in this unproductive ebola govt...how long will it last?

Ebola's yatch is also a borrowed #5bn

RAT suv's are also a borrowed #1.5bn


Useless propaganda government

Okorommadu I thought you bigots say you have nothing to do with Nigeria? Wait till when Biafra comes then you can talk. Aturu

This government is just chasing the wind with its funny policies,even a first year economics knows that the currency of a country is as strong as its economic activities.It is a shame that this government is still dilly dialing on the supplying of all refineries (Dangote,Modular and Port Harcourt) with enough crude to start refining by December

Once all the refineries start production, the importation of refined products drops and you save dollars and your currency begins an automatic adjustment to the Dollar.

Talking of Dangote Refinery,now is the best time to invest in that neighborhood. Things are shaping up and you don't want to be left behind,get a piece of Land for very good price
Click the following to get more details:

www.nairaland.com/7905580/introducing-silvergate-estate-ibeju-lekki

Buy property in SilverGate Estate Ibeju Lekki and Strongtower Estate Ode Omi

With very good titles and close proximity to Dangote Refinery,Lekki Deep Sea Port and Lekki Free Trade Zone it is a great investment opportunity and great for home owners and rental properties

With affordable prices and instant allocation on payment

Call Kenttimo Limited or Watsapp on 09011940214 for further details
Also contact us on

Facebook: Kenttimo Limited
X:@KenttimoLtd
Instagram:kenttimo_limited

Where's that useless freestuff guy that runs his mouth like an anus suffering from dysentery

Helgreenluv:

Okorommadu I thought you bigots say you have nothing to do with Nigeria? Wait till when Biafra comes then you can talk. Aturu

Stfp!

Unpatriotic goons!

Una don vote rubbish



Overated tribe


Tinubu to shame una Las Las


Casted people

BrodaBenad:


Stfp!

Unpatriotic goons!

Una don vote rubbish



Overated tribe


Tinubu go shame una Las Las


Casted people

That 'Las Las' wey you dey talk about don quick reach

Tinubu has already disgraced them

SeeWahala:


That 'Las Las' qwt you dey talk about don quick reach

Tinubu has already disgraced them

I knew he was a failure when he lost his own Lagos to obi

Lagosians sent a message across

Me am just waiting for uncle Dangote to start refining. After that I will know whether to maintain hope in their renewed propaganda hope scheme.

BrodaBenad:
I knew he was a failure when he lost his own Lagos to obi

Lagosians sent a message across

That is their biggest pain up until today. The lagos election loss. It was a terrific slap to tinubus cheeks.

His abado squad have learned never take the voting strength of a particular region for granted again since that time even as it was very glaring that both house, yoruba and igbos voted against him in lagos.

I said this last week that the naira was only appreciating because of speculation and stupid moves by the government but nobody believed.

Dollar will get to 1500 per naira before the end of December.


MARK THIS WORDS....

The CBN needs to raise interest rates.

Simply relying on an influx of dollars to fight inflation and strengthen the Naira is pure fantasy in the long.

Only when the CBN is determined to fight inflation by raising rates will convince the market have long term confidence in the Naira.

I am beginning to worry that the finance minister Wale Edun and the CBN governor, Mr. Cardoso are not competent in doing the job.

Abeg how much my $20 go be now?

MindOnMatters00:
I said this last week that the naira was only appreciating because of speculation and stupid moves by the government but nobody believed.

Dollar will get to 1500 per naira before the end of December.


MARK THIS WORDS....

MARKED

1300s was a peak point, it would wave around 900s - 1100s. 1500 is far.

BrodaBenad:


Stfp!

Unpatriotic goons!

Una don vote rubbish



Overated tribe


Tinubu to shame una Las Las


Casted people

This ewu mofo is pained o! E pain am well well. Hahahaha as e dey pain una e dey sweet us. Mr Pandora Peter Gregory Obi was rejected. He will never be president of this country. You mofos will continue to labour in vain