Naira crashes to N1,300 against U.S. dollar

The naira, on Tuesday, January 16, 2024, continued to suffer depreciation against the dollar as it exchanged at N1,300 on the Peer-to-Peer cryptocurrency window.

Some traders on the parallel market also said the naira traded at N1,300/$ in the market on Tuesday.

On the Binance platform, the naira is currently trading above N1,300/$.

Some Bureau de Change Operators said the quoted value is reflective of market realities.

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“Currently, we are selling for N1,300/$. We are witnessing more demand and that’s why,” a BDC seller in Abuja, Magaji Muhammed, told Punch.

Another BDC seller, Abubakar Taura, however, added that he could only sell for N1,280 per dollar.

“I can sell for you at N1,280/$ and that is the highest I can go,” Taura said.

While the official market is yet to close, details from the FMDQ OTC Securities Exchange showed that the naira closed trading at N838.95/$ on Monday, January 15.

The Star