Naira Slumps To N900/$ In Black Market, Leaving Tinubu With More Headaches


LAGOS AUGUST 8TH (NEWSRANGERS)-The Nigerian currency, the naira exchanged at the black foreign market for as low as N900 to a dollar on Monday, August 7, 2023.

According to street traders who spoke to, Nigerians looking to buy dollars should be ready to pay as high as N902 as of 3 pm on Monday

Also, Abokifx data shows that street traders are selling one dollar at N895 and buying at N888.

Monday rate means the difference between the black and official market rates is still above N100, leaving President Bola Tinubu with more headaches and decisions to make.

On Friday, August 4, 2023, data from FMDQ securities shows that the naira closed last week at N743.07 to a dollar.

FAAN arrests illegal forex dealers

Meanwhile, the Federal Airports Authority of Nigeria (FAAN) has announced that it arrested 21 persons, including touts, illegal foreign exchange dealers, hawkers, and scavengers at the Murtala Muhammed Airport (MMA), Punch reports.

In a statement by Abdullahi Yakubu-Funtua, director of public affairs & consumer protection, FAAN said that the Joint Monitoring Task Force (JMTF) and the Aviation Security Crime Investigation & Intelligence (AVSEC-CII) Unit have since the past few weeks conducted raids in this regard.

The statement reads:

“On Friday the 4th of August 2023, the Murtala Muhammed Airport (MMA) JMTF and AVSEC-CII raided the ITZ 1 & 2 landside, the carparks, and the airport access roads.

“In the course of the raid, a total of 21 persons, including touts, illegal foreign exchange dealers, hawkers and scavengers, were arrested. The apprehended suspects have since been transferred to the Nigerian Police Force through the CII for further necessary action.”



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Posted by on Aug 8 2023. Filed under Business, National. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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