Naira Drops To N935 Per Dollar As Forex Crisis Worsens

The Naira has slumped across the black market segment of the foreign exchange market trading at N935 per US dollar.

Figures obtained from various Bureau de Change dealers across Lagos and Abuja showed that black market dealers sold between N930-N935 per dollar and bought between N920- N923.

In the last eight days from September 1 to 8, 2023, the currency has lost 1.96 per cent of its value.


Checks by THE WHISTLER showed that the currency opened on September 1 at N917 and fell eight days later to N935 losing N18.

Naira and Dollar Bill’/Internet

The Naira setback is coming in the wake of the foreign exchange reforms of the Central Bank of Nigeria targeted at making the market more transparent for investors to flood the economy with dollar investments.

The Naira began to fall when the CBN started a managed float policy on June 14.

To stem Naira volatility, the apex bank began checking BDC dealers, making it mandatory for weekly rendition of accounts.

“The reason why prices are jumping is mainly due to demand pressure on the market. BDC dealers do not have option than to sell according to what they bought, ” Adamu, a Lagos based BDC trader told THE WHISTLER.

The Naira lost key support after JP Morgan Chase and Co made a revelation on the true position of the Nigerian foreign exchange reserves.

JP Morgan estimated CBN’s net reserves to be around $3bn, exposing how impossible it is for the apex bank to defend the Naira.

At the Nigerian Foreign Exchange Market formerly I&E Window, the dollar closed at a daily high of N799 per dollar on September 8.

The official window closed at N736 per dollar.

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