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Naira crashes to 1,300 against USD

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The Naira is now trading above N1,300 to a United States dollars on the Peer-to-Peer cryptocurrency window on Tuesday.

As it is with many traders, the Nigerian currency is quoted aboveN1,300/$ on the Binance platform.

Some Bureau de Change (BDC) 0perators told The PUNCH that the quoted value is reflective of market realities. An Abuja Bureau de Change seller at Zone 4, Magaji Muhammed, said the price had increased to N1,300/$

He said: “Currently, we are selling for N1,300/$. We are witnessing more demand and that’s why”.

Another BDC seller, Abubakar Taura, however, noted that he could only sell for N1,280/$.

“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 revealed that the national currency closed trading at N838.95/$ on Monday.

The naira’s continued fall is happening despite efforts by the government to boost liquidity in the official market. NNPC Limited recently got $2.25 billion of a $3.3 billion oil-for-cash loan facility from the African Export-Import Bank to boost foreign exchange liquidity.

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