Naira plummets to N860/$ at parallel marketJUL 19, 2023

On Wednesday, the Nigerian naira experienced a further decline, reaching N860 per dollar at the parallel market, continuing its downward trajectory.

This represents a depreciation of N35 or 4.2 percent when compared to its trading value of N825 yesterday.

The depreciation has led to a widening gap between the official and parallel market exchange rates once again.

Since the government unified the exchange rate windows, the Nigerian naira has been experiencing consistent fluctuations.

On Tuesday, at the investors and exporters (I&E) window, the Nigerian naira demonstrated a notable appreciation of 6.58 percent against the dollar, closing at N742.9. This information was reported by FMDQ OTC Securities Exchange, the platform responsible for overseeing foreign-exchange trading in Nigeria.

Bureaux De Change (BDC) operators in Lagos and Ogun who spoke to TheCable on Wednesday said there is high demand for foreign currency in the parallel/street market.

The street traders, popularly known as ‘abokis’ put the buying price of the dollar at N840 and the selling price at N860, leaving a profit margin of N20.

When asked the reason for the decline of the naira against the dollar, Abubakar, a BDC operator in the Agbara area of Ogun state, said there has been increased demand for dollars amid a supply shortage in the market.

“Dollar is scarce now in the market. How much do you need? I can find it for you,” he said.

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