Naira Hits Record Low of 1,531 To Dollar on Official Market – FMDQ

The New Diplomat
Writer

Ad

Tesla sales tumble 40% in Europe as BYD surges past rival

By Obinna Uballa Tesla’s grip on the European electric vehicle market continued to loosen in July, with sales plunging 40% year-on-year even as Chinese challenger BYD posted explosive growth, according to data from the European Automobile Manufacturers Association (ACEA) on Thursday. New car registrations of Tesla vehicles totaled 8,837 in July, down 40% year-on-year, according…

Tinubu Returns to Abuja, Says Foreign Engagements ‘ll Enhance Nigeria’s Economic Growth

By Abiola Olawale President Bola Ahmed Tinubu returned to Abuja on Thursday, August 28, 2025, following a state visit to Brazil and an earlier visit to Japan. Shortly after his return, Tinubu stated that his international engagements are focused on fostering economic growth, job creation, and long-term prosperity for Nigerians. In a statement shared on…

Access HoldCo Names Innocent Ike CEO as Aig-Imoukhuede tightens grip after Wigwe’s death

By Obinna Uballa Access Holdings Plc has confirmed the appointment of Mr. Innocent Ike as its substantive Group Managing Director and Chief Executive Officer (GMD/CEO), effective August 29, 2025, following approval from the Central Bank of Nigeria (CBN). The announcement comes less than 24 hours after Roosevelt Ogbonna, the Managing Director of Access Bank, resigned…

Ad

By Agency ReportĀ 

Nigeria’s naira dropped to a record low against the dollar on the official market on Tuesday, FMDQ Exchange data showed on Wednesday, slipping below rates on the unofficial parallel market in intra-day trades.

The naira fell as low as 1,531 to the dollar during trading on Tuesday, FMDQ data showed, compared with 1,460 naira quoted on the parallel market. The currency later closed at 1,482.57 naira on the official market, according to FMDQ.

The latest fall occurred after market regulator FMDQ OTC Securities Exchange said its methodology for calculating closing rates on the currency was revised last Friday to include more data, and that the levels on its computation had changed.

The naira has lost around 40% since the start of the year. Its official exchange rate has been drifting towards the parallel market level as foreign currency shortages in the West African nation funnel demand to unofficial sources.

The central bank has warned lenders about underreporting transactions on the financial market, leading to misinformation, attempts to create price distortions and market manipulation, and said such activity would be sanctioned.

On Wednesday the currency eased on the forwards market, with traders quoting the dollar as low as 1,650 in a year’s time.

Source: Reuters

Ad

X whatsapp