Connect with us

Business

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

Published

on

Speculators suffer heavy losses as naira approaches N1000/$

The naira on Tuesday, continued its free fall at the parallel market, dropping to N1,365 per dollar, a N35 or 2.63 percent depreciation compared to the N1,330 it traded on January 16, 2024.

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.

Aboki Forex, an online platform that lists real-time exchange rate quoted the selling price at N3,365 to the dollar and purchase price at N3,360 to the dollar, leaving a profit of N5 in the morning hours of Wednesday.

News continues after this Advertisement

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.

News continues after this Advertisement
News continues after this Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *