The Nigerian Naira has continued to depreciate against the United States dollar in the unofficial market, according to market data.
As of 3:00 p.m. Nigerian time, the Naira was being exchanged at N1,030 per $1 at the Abuja Zone 4 market, indicating a N5.00 depreciation from the N1,025 per $1 rate recorded in the previous session.
Currency dealers reported that they prefer accepting physical dollars over account-to-account transfers due to a scarcity of the US dollar. However, data published on the FMDQ website revealed that the Naira strengthened at the official market on Tuesday, closing at N765.83 per $1, compared to the N773.54 rate recorded on Monday.
Over the past four months, the Naira has depreciated by over 50 percent in both authorized and unauthorized market segments, following the Central Bank of Nigeria’s decision to collapse all forex windows into the Investors & Exporters (I&E) window in June.
