Naira depreciates to 1,705/$ at parallel market
The worth of the naira depreciated on the unofficial market on Wednesday because it traded at 1,705/greenback, in accordance with Bureau De Change operators in Lagos and Abuja.
A BDC operator in Lagos, Aliyu Sani, mentioned that he offered {dollars} for N1705, and acquired at 1,695/$. In Abuja, the speed was decrease at N1,700.
A forex dealer, Suraju Ajao, mentioned that he offered {dollars} for 1700/$ and acquired at 1,690/$.
On the Nigerian Autonomous Forex Exchange Market domiciled on the FMDQ Securities, the naira closed buying and selling at 1659.69/$, indicating a 0.04 per cent depreciation from 1658.97/$ that it traded on Tuesday.
On the official market, the naira traded at a excessive of 1,682/$ and a low of 1,562.97/$.
The day by day turnover dipped to $177.10 from $217.86m on Tuesday.
Read Also:Court stops Kano businessman from selling multi-million naira property in contention
The worth of the naira reached a brand new low on Monday, closing at 1,700/greenback, a 0.29 per cent decline in comparison with N1,695 to the greenback, which it exchanged final week Friday.
Recently, the World Bank listed the naira as one of many worst-performing currencies in Sub-Saharan Africa in 2024
As of August, the native depreciated by roughly 43 per cent year-to-date, rating it among the many weakest currencies alongside the Ethiopian birr and the South Sudanese pound.
The decline is attributed to surging demand for U.S. {dollars} in Nigeria’s parallel market, restricted greenback inflows, and gradual international alternate disbursements by the central financial institution.
