Naira ends one-week rally, depreciates to N790/$ at parallel market

The naira’s growing fortunes on the parallel market were reversed on Tuesday, when the local currency fell to N790 per dollar.Information Guide Nigeria

The amount indicates a N80, or 11.3 percent, depreciation from the N710 it traded for on Friday morning.

This is in stark contrast to the N175 gain recorded a week before, when the parallel market currency rate fell from N885/$ to N710/$.

Currency merchants known as Bureaux De Change operators (BDCs) who talked to TheCable on Tuesday in Lagos blamed the decline on increased client demand for the US dollar, which exacerbated demand-supply dynamics.

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“People are coming to buy but we don’t have enough dollars to meet demand. The price of the dollar is going up because of that,” Alhaji Musa, a BDC operator in the Victoria Island area of Lagos told TheCable.

“Also, people now know that the rumour about America not accepting dollars printed below 2021 is not true. So, they keep coming to buy”.

On the official market, the local currency fell 0.06 percent to settle at N446 on Monday, according to the FMDQ OTC Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria.

The highest reported exchange rate during the day’s trade was N447 per dollar, before settling at N446.

During the trading session, it traded as low as N439.83 per dollar. At the official investors and exporters window (I&E) window, a total of $63,833 million was exchanged in foreign currency.JAMB Result

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