Naira Falls Again In Parallel Market

Naira Falls Again In Parallel Market

Yesterday, the naira witnessed a depreciation to N1,200 per dollar in the parallel market, compared to the previous day’s rate of N1,172 per dollar.

However, in the Nigerian Foreign Exchange Market (NAFEM), the naira appreciated to N843.07 per dollar. Data from FMDQ indicated an 11% or N108.15 appreciation, bringing the indicative exchange rate for NAFEM down from N951.22 per dollar on Wednesday.

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As a consequence, the gap between the official and parallel market exchange rates widened to N356.93 per dollar, compared to N220.78 per dollar on Wednesday.

Despite traders anticipating a positive change in the foreign exchange rate trend, high demand for dollars persists in the black market, according to Mr. Yakubu Ahmed, a black market trader.

“There is still high demand for dollars but little access to it. I sold a dollar today for N1,200 and bought for N1,180.

“Though we anticipate a positive change from the current trend of depreciation of the naira.

“But most traders are still worried that the naira might be in a falling trend for a long period due to decline in foreign exchange inflows which is also affecting the official market.”

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