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Naira in Free Fall: Plummets to N1,170/$ in Parallel Market

October 19, 2023

The naira, on Thursday, dropped to a new low of N1,170 per dollar in the parallel market. 

Photo Credit: TheCable

 

The Nigerian currency depreciated by N105 or 9.8 percent compared to the N1065 reported on Wednesday.

According to the Bureau De Change (BDC) operators in the Festac area of Lagos state, the decline in the naira occurred as the greenback scarcity worsened.

“In recent times, dollars have been scarce in the market,” Aliyu, a trader in the Ikeja area, said.

The parallel market traders said they purchase the dollar at N1,155/$ but sell the greenback at N1,170/$ — leaving a profit margin of N15.

In the official window, known as the Nigerian foreign exchange market (NFEM), the local currency appreciated by 6.76 percent to N790.68/$, against Tuesday’s closing rate of N848.

According to data from FMDQ Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the greenback recorded an intra-day high of N986 and a low of N701.

The data showed that a total value of $69.88 million in foreign exchange was transacted in NFEM, formerly investors’ and exporters’ (I&E) window.

The forex transaction by authorised traders and their clients fell by $64.4 million or 47.9 percent from $134.28 million traded on Tuesday.

 

Credit: TheCableng

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