The naira dropped even more on Friday, in the parallel segment of the foreign currency (FX) market, reaching N1,315 per dollar.
Comparing the amount to the N1225 it traded on Monday, it shows a depreciation of N90, or 7.35 percent.
Bureau De Change operators (BDCs) in Lagos set the dollar’s purchasing and selling prices at N1300 and N1315, respectively, yielding a profit margin of N15.
A trader informed reporters, “The scarcity of dollars is still a problem.”
At the official market, the local currency appreciated by 5.51 percent, from N847.77/$ on Tuesday, to close at N801.10/$ on Wednesday.
This is according to data from FMDQ Securities Exchange — a platform that oversees official FX trading in Nigeria.
A total of $100.18 million was traded at the investors’ and exporters’ window (I&E) window — Nigeria’s official trading market.
Following the floating of the naira, the foreign exchange market has witnessed high levels of volatility — with the gap between the official and parallel markets further widening.
The Central Bank of Nigeria (CBN) lifted the ban on 43 items restricted from accessing forex to boost liquidity in the foreign exchange market.
CBN also said it will intervene “from time to time” to support the naira.
On Tuesday, the house of representatives summoned Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), over the decision to lift the forex ban on the 43 items.
To ease liquidity in the FX market, Wale Edun, minister of finance and coordinating minister of the economy, said Nigeria expects $10 billion in foreign currency inflows in the next few weeks.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
