The official exchange rate saw the naira tumble to N1,234 against the dollar, marking a significant drop of N65 or 5.26 percent from N1,169.99/$1 recorded on Friday.
Last week, there were hopeful signs as the naira showed signs of strength, briefly touching N1,072.74 on Wednesday. Traders even dared to dream of the naira breaking the N1,000/$1 barrier for the first time.
However, this optimism was short-lived as the naira’s momentum came to an abrupt halt on Sunday, experiencing its first weekly decline in weeks on the parallel market.
Bureau de Change operators, grappling with the situation, attribute the recent surge in the dollar rate to market forces. Speaking to Punch, they expressed uncertainty about what the rest of the week holds.
Abubakar Taura, a BDC operator, shared his thoughts, saying, “We sold the dollar today between the rate of N1,250 and N1,270, and it is a bit surprising because we don’t even know the real reason but that is the market; one day there will be profit and another day we make losses.”