Nigeria’s currency on Tuesday fell to N367 per dollar, from N359 a day earlier, as consumers rush to buy in expectation of a devaluation of the naira.
Investigations show that in Apapa Lagos, the dollar was sold at N367 at the end of the trading on Tuesday, after selling at N365/$ at about 1.00pm on the same day.
At Festac area of Lagos, the naira traded at the rate of N363 per dollar on Tuesday, which represents 0.83 percent compared with N360/$ sold on the previous day at the black market.
“People are withdrawing naira from the bank to buy dollar because they said naira is going to lose value,” one of the black market operators told BusinessDay.
Oil price (Brent Crude) has fallen to as low as $35 per barrel since the outbreak of coronavirus in China.
HOPE MOSES-ASHIKE
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
