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Thursday, August 13, 2026

Naira Suffers Major Crash at Official Market, Trades at N422/$1

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Bala Augie
Bala Augiehttps://moneycentral.com.ng
Bala is the Editor of MoneyCentral Media. Bala is a Fellow (FCA) of the Institute of Chartered Accountants in Nigeria (ICAN) and holds a Bsc in Accounting from the University of Abuja. Bala has over 12 years’ experience in the financial journalism landscape with specialization in the Insurance, markets and Finance sectors.
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The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday.

At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1.

The naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday.

At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market.

The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.

In July, the CBN stopped forex sales to the Bureau de Change operators and assured that it would supply forex to legitimate users through the banks.

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