Naira falls to N1,175/$ at parallel market

The naira, on Thursday, depreciated to N1,175 per dollar at the parallel section of the market. 

The rate is a 0.43 percent decrease from the N1,170 recorded on Monday. 

Currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1,160 and the selling price at N1,175 — leaving a profit margin of N15.

“It is normal that in December the dollar price should fall due to increased demand,” a trader who identified as Aliyu said. 

 The local currency depreciated by 17.91 percent to N955.22 on Wednesday — from N806.7 on Tuesday. 

At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the naira recorded a high of N1,159.10 and a low of N701.  

On November 5, Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN) said the regulator would concentrate on its price stability functions.

The statement came amid an unyielding upward inflationary trend and high levels of volatility in the FX market.

The CBN, on December 6, approved the reviewed service charter to enhance customer experience.

Cardoso said the CBN, as a responsible body, is dedicated to ensuring full compliance with the country’s laws and regulations, as well as other international commitments.

With the charter, the economist said the bank is committing to an improved standard of “service, information dissemination, availability of consultation, non-discrimination and accessibility to service, and grievance redress mechanism”.