Naira weakens by N10, hits N1,160/$ in parallel market

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Naira weakens despite three-month low for U.S. dollar index
Naira weakens despite three-month low for U.S. dollar index

The naira experienced a decline, reaching N1,160 per dollar in the parallel section of the foreign exchange (FX) market.

This marks a depreciation of N10 or 0.87 percent compared to its trading rate of N1,150 two weeks ago.

Bureau De Change operators, commonly known as currency traders, disclosed to reporters in Lagos that the buying rate for the U.S. dollar stood at N1,140, while the selling price was N1,160 per dollar, resulting in a profit margin of N20.

A street trader named Aliyu remarked, “The rate has been quite stable for a while.”

It’s noteworthy that a parallel market is characterized by a lack of adherence to institutional rules.

On the official market front, the naira saw a depreciation of 13.78 percent, closing at N956.33 to a dollar on Thursday, compared to N840.53 on Wednesday.

Data from FMDQ Securities Exchange, the platform overseeing official foreign exchange trading in Nigeria, indicates that the highest recorded price within the day’s trading reached N1,136, while the lowest level was N615.4