Decline in Naira Value and Foreign Exchange Turnover in Nigeria.

On the black market for foreign exchange in Nigeria, the dollar to naira exchange rate is currently N1,615. According to a source who is a Bureau De Change operator in Wuse Zone 4, the dollar was sold for between N1,600 and N1,615 per unit on Wednesday.

In the official FX market, the value of the naira also decreased. According to FMDQ data, the value of the naira fell against the dollar on Wednesday, from N1,576.66 on Tuesday to N1,581.65.

Additionally, FX transaction turnover dropped even more on Wednesday, from $138.17 million to $108.16 million.