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As the CBN addresses the forex sale to BDCs, the naira loses ground against the dollar.

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 Naira is now trading at N1,154.08 per dollar on the official market, down N81 against the US dollar. However, the Nigerian Naira saw a boost in the black market, where it was selling at N1,040 to the US dollar. The CBN has denied using Nigeria's foreign reserves to support the naira, which coincides with the current trend.

For the second time in a week, the value of the Nigerian Naira fell against the US dollar on Thursday, April 18, 2024, ending its recent upward trend. On Wednesday, April 17, 2024, the value of the Nigerian Naira increased to almost N1,070 per dollar on the official FDMDQ Exchange, bringing it closer to the N1,000 per dollar market. 

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