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Naira Falls To N1,113 Per Dollar At The Parallel Exchange Market

Naira on Thursday depreciates further to N1,315 per dollar at the parallel market…

Published

1 year ago

October 27, 2023

VerseNews

Dollar - Naira Exchange

Naira on Thursday depreciates further to N1,315 per dollar at the parallel section of the foreign exchange (FX) marlet.

VerseNews understands that the figure represents a depreciation of N90 or 7.35 percent compared to the N1,225 it traded on Monday.

According to Bureau De Change operators (BDCs), in Lagos, the buying price of the dollar is at N1,300 and the selling price at N1,315, resulting in a profit margin of N15.

A trader identified as Aliyu said “the dollar scarcity is still a problem.”

At the official market, the local currency appreciated by 5.51 percent, from N847.77 per dollar on Tuesday, to close at N801 per dollar on Wednesday.

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This is according to data from FMDQ Securities Exchange – a platform that oversees official FX trading in Nigeria

A total of $100.18 million was traded at the investors’ and exporters’ window (I& E) window, Nigeria’s official trading market.

To ease liquidity in the FX market, Wale Edun, minister of finance and coordinating minister of the economy, said Nigeria expects #10 billion in foreign currency inflows in the next few weeks.