The value of the naira to the dollar has dropped on all major exchange platform with the latest being the P2P market.
In spite of all that the Nigerian government is doing to revamp the economy, the value of the naira has continued to nose-dive.
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The naira is currently trading above ₦1,300/$ on the Peer-to-Peer cryptocurrency window on Tuesday.
Traders on the parallel market confirmed that the local currency is trading close to ₦1,300 in that segment of the market.
On the Binance platform, the naira is currently quoted above ₦1,300/$.
According to currency dealers, the quoted value is reflective of market realities. They further explained that the exchange rate had increased to ₦1,300/$.
A BDC operator, Abubakar Taura said: “Currently, we are selling for ₦1,300/$.. We are witnessing more demand and that’s why”.
However, he noted that he could only sell for ₦1,280 per dollar.
“I can sell for you at ₦1,280/$. and that is the highest I can go,” Taura said.
FMDQ OTC Securities Exchange revealed that the national currency closed trading at ₦838.95/$ on Monday.
The naira’s continued fall is happening despite efforts by the government to boost liquidity in the official market.
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Recently, the Nigerian National Petroleum Company Limited got $2.25bn of a $3.3 billion oil-for-cash loan facility from the Afr-Exim Bank to boost FX liquidity.
