Naira crashes to N1, 300 against U.S. dollar 

The naira, on Tuesday, continued to suffer depreciation against the dollar as it exchanged at N1,300 on the Peer-to-Peer cryptocurrency window.

Some traders on the parallel market also said the naira traded at N1,300/$ in the market on Tuesday.

On the Binance platform, the naira is currently trading above N1,300/$.

Some Bureau de Change Operators said the quoted value is reflective of market realities.

“Currently, we are selling for N1,300/$. We are witnessing more demand and that’s why,” a BDC seller in Abuja, Magaji Muhammed said.

Another BDC seller, Abubakar Taura, however, added that he could only sell for N1,280 per dollar.

“I can sell for you at N1,280/$ and that is the highest I can go,” Taura said.

While the official market is yet to close, details from the FMDQ OTC Securities Exchange showed that the naira closed trading at N838.95/$ on Monday, January 15.

Punch