Despite ongoing liquidity challenges, the naira experienced a slight improvement in its exchange rate against the US dollar at the parallel market. As reported by some Bureau de Change (BDC) operators, the naira traded at 1,185/$ on Wednesday, showing a minor recovery from the 1,190/$ rate on Tuesday.JAMB Portal

AbokiFX data revealed that the naira was exchanged at 1,170/$ (buying rate) and 1,175/$ (selling rate). The British pound and Euro rates stood at 1,510/ £ and 1,550/ £, and €1,280 and €1,300 respectively.

Jubril Mutiu, a BDC operator, commented, “Today’s rate for the naira was 1,185/$. We experienced a slight drop from 1,190/$, which was yesterday’s rate. Presently, we are purchasing at 1,175/$.”JAMB Result

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Another BDC trader, Ismail Ahmed, shed light on the issue, saying, “There is a continuing liquidity problem. Our current rates are 1,180/$ (buying) and 1,200/$ (selling). The rates were more favorable last weekend, but the scarcity has driven the price up.”NYSC Portal

Last week, there were fluctuations in the naira’s value as it soared to a high of 1,310/$ on Tuesday. By the week’s end, it had stabilized somewhat, closing at 1,150/$ on Friday at the parallel market.InformationGuideNigeria

The Association of Bureau De Change Operators of Nigeria acknowledged the recent uptick in the naira’s value, offering insights and suggestions on how to maintain and potentially improve upon this trend in the future.

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