Naira Hits One-Month Low of N1,300 Amid Decline in Dollar Liquidity

“Naira Hits One-Month Low of N1,300/USD as Dollar Liquidity Dips: Banking Sources

The naira continued its downward trend for the third consecutive day at the official market (NAFEM), reaching a one-month low of N1,300 per US dollar, as reported by FMDQ Securities Exchange. According to banking sources cited by BusinessDay, the decline in dollar liquidity is attributed to investors seeking safety amidst escalating geopolitical tensions, which have also bolstered the dollar’s strength.

Despite an initial uptick in the black market earlier in the day following the Central Bank of Nigeria’s (CBN) dollar sale to Bureau De Change operators, the naira ultimately closed flat. For more updates,