An investigation by BusinessDay shows that a dollar is priced at N510 in some parts of Lagos streets
Nigeria’s currency on Thursday opened the intraday trading with marginal depreciation of 0.03 percent at the Investors and Exporters (I&E) forex window.
The naira/dollar exchange rate was trading at N409.68k during the intraday trading on Thursday compared to N409.54k traded on Wednesday, data from the FMDQ indicated.
The naira weakness followed strong demand for dollars amid low liquidity. The daily foreign exchange market turnover declined by 59.66 percent to $40.13 million on Wednesday from $99.49 million recorded on Tuesday.
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On Wednesday, the naira strengthened by 0.16 percent to N410.00k per dollar as against N410.67k quoted on Tuesday at the I&E window.
Currency traders who participated in the trading on Wednesday maintained bids at between N394.00k and N422.00k/$, according to data from the FMDQ.
The exchange rate remained flat at N482 and N486 at the Bureau De Change (BDC) segment of the foreign exchange market and at the parallel market, respectively.
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.
