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Naira Trades At All-Times Low Rate At Parallel Market

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_____The parallel section of the foreign exchange market recorded a new all-time low on Monday after the naira depreciated to N1,730 per dollar.

The naira fell by 8.13 percent from N1,600 to a dollar recorded on February 16, 2024.

______Currency traders at the street market quoted the buying price of the dollar at N1,700 and the selling price at N1,730 — leaving a profit margin of N30.

“Customers are demanding for the dollars so much and it is affecting the market,” a black market trader known as Aliyu said.

______At the official window, the naira depreciated by 2.65 percent to N1,537.96 to a dollar on February 16 — from N1,498.25 per dollar on February 15.

_____According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of N1,631 and a low of N1,000.

_____Meanwhile, the Central Bank of Nigeria (CBN), in furtherance of its efforts to stabilise the naira, made certain policy changes in the past week.


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