Naira continues free fall, drops to N1,365/$ at parallel market

The Nigerian naira, on Tuesday, continued its downward spiral, dropping to N1,365 per dollar at the parallel section of the market.

The figure represents a N35 or 2.63 percent depreciation compared to the N1,330 it traded on January 16, 2024.

Currency traders, also known as Bureau De Change (BDC) operators, put the buying price of the dollar at N1,355 and the selling price at N1,365 — leaving a profit margin of N10.

A BDC operator in Lagos, who identified as Aliyu, said demand for the greenback has continued to increase.

“Demand is increasing for the dollar as we have been recording more purchases,” he said.

At the official section of the foreign exchange market (FX), the local currency gained by 5.05 percent to N878.61 on Tuesday — from N925.3 on Monday.

FMDQ Exchange, a platform that oversees official FX trading in Nigeria, said the naira recorded a high of N1,336.05 and a low of N701.

Meanwhile, the association of Bureau de Change Operators of Nigeria (ABCON), on Tuesday, had said the Economic and Financial Crimes Commission (EFCC) granted its members permission to post exchange rates online.

In a briefing on January 22, 2024, Aminu Gwadabe, ABCON’s president, said the association has been in discussions with relevant agencies to allow BDC operators to import dollars to bolster liquidity in the sector.