Naira Falls At Parallel Market

Naira Falls At Parallel Market

On Monday, at the parallel market, the naira was quoted at 1,233 to the dollar, according to Bureau de Change operators.

Several BDC operators reported that the local currency was both bought and sold within the range of 1,228 to 1,233 against the dollar, maintaining the same rate observed on the previous Friday.

Data from Abokifx revealed that the Pound Sterling was traded at 1,550/£ to 1,565/£, while the Euro ranged from 1,290/€ to 1,305/€.

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Commenting on the exchange rate, Kamarudeen Ibrahim, a BDC operator in Lagos, noted a slight depreciation, stating, “The naira traded at 1,220/$ a week earlier but weakened to 1,233/$ by the end of the week.” Another operator, Akeem Yusuf, mentioned that the naira remained at 1,233/$ on Monday as demand was low.

The naira experienced a modest decline of 1.1% or N13 at the parallel market. However, on the Investor & Exporter forex window, the naira showed a slight appreciation on Friday, closing at 885.88/$, a 0.42% or N3.75 increase from the previous day’s rate of 889.63/$.

The official market opened at N915/$ and reached a high of N1,248/$ before closing at N885.88/$, with a total turnover of $92.16 million recorded on Friday.

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