Naira Falls Further, Loses 0.80% at Parallel Market

Naira on Wednesday weakened further at the parallel market, losing 0.80 percent of its value against the dollar on increased demand.

Investigations across the country showed that one dollar was quoted at an average rate of N806.50/$1 on Wednesday as against N800 quoted on Tuesday.

In Wuse Abuja, Dan Kasuwa, a forex trader, sold dollars at N797, Pounds at N1012, and Euro at N845, according to information obtained from NgnRate.com, an online data collating platform.

At Yaba Lagos, Ibrahim Masheey, a forex trader, on Wednesday, bought dollars at N795 and sold at N805/$1. Alhaji Ismail, a forex trader at Ikeja local Airport, bought dollars (cash) at N780 and sold at N795$1, inflow at N795 and sold at N805, Pounds N1015, and Euro N835.

Muhammad Abba, a trader at Ibadan Oyo State, on Wednesday, bought dollars at the rate of N790/$1 and sold at the rate of N805/$1.

Naira on Tuesday depreciated to N800 per dollar, lowest in nine months, following increased demand for the greenback at the parallel market, popularly called black market.

At the Investors and Exporters (I&E) forex window, the naira weakened by 5.62 percent as the dollar was quoted at N788.42 on Tuesday as against N744.07 quoted on Monday, data from the FMDQ indicated.

On June 14, 2023, the CBN abolished segments of the official FX market to the I&E Window, where the “willing buyer and willing seller” was re-introduced. Based on this adjustment, the official rate rose from N463.38/$ to N806.50 the current rate.

July 13, 2023