Naira drops value, Now 331 to 1 dollar today [read more.....]

The Nigerian naira suffered a heavy setback on Friday, May 13, crashing to N331 against the dollar, Nairanaijanews has exclusively gathered....

According to our Bureau de change source in Katsina, the dollar which closed at N320 on Thursday, May 12, gained N1 to trade at N331 this morning.

The naira also exchanged at 460 to pounds less than 48 hours after the federal government’s decision to liberalise sales of petrol.

The federal government on Wednesday, May 11, removed subsidy from sale of Premium Motor Spirit (PMS) also known as petrol with immediate effect.

According to the government, a benchmark of N145 per litre, has been recommended as pump price.


The announcement was made by Ibe Kachikwu, minister of state for petroleum, who however promised the price will not stay for so long.

But according to our BDC, the move by the federal government has affected the availability of the naira and its strength in the parallel market. Our source said:

“The naira has crashed to N331 against $1 but as we speak we don’t have to sell, if you want to buy.


“We don’t understand how this is going, we closed market at N320 to the dollar yesterday, but now our currency has weakened further.” With prevailing realities, the nation may be forced to devalue the naira, as round tripping is likely to persist in the days ahead.

Meanwhile, you can check out our bureau de change market here for the most authentic forex rates.