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BREAKING: Naira crumbles at official window, trades N1,169/$

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The Naira on Friday experienced a minor fall at the official window, trading at N1,169.99 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that examines the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira dropped by 1.38 per cent as against the N1,154.08/$ traded on April 18.

The local currency, on the other hand, depreciated by 17.14 per cent to N1,230 per dollar — from N1,050/$ on April 17.

Meanwhile, the downward movement ended the upward trend of the naira at the street market since March 20, when the FX rate was N1,500/$.

This comes a day after the apex bank denied selling FX to BDC operators at the rate of N1,001/$1.

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