The Naira experienced a sharp decline on Wednesday, dropping from N1,600 to N1,780 per dollar in the black market, reversing its recent gains.

“We are buying at N1,720 and selling at N1,780 per dollar,” a Bureau De Change (BDC) operator told BusinessDay.

This marks the second consecutive depreciation of the Naira since the launch of the Enhanced Foreign Exchange Monitoring System (EFEMS), with the local currency falling to N1,665 per dollar on Wednesday from N1,580 quoted on Monday, losing N85 in value.

Market Trends
Exchange rates above N1,700/$1 indicate that last week’s brief appreciation may have been temporary. Dealers quoted rates such as N1,715/$1, while some International Money Transfer Operators (IMTOs) quoted N1,745.

Stock trading platforms, including Grey and Trove, reflected rates of N1,728 and N1,736 per dollar, respectively.