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Tuesday, October 3, 2023

Naira records massive gain against dollar, exchanges at N890/$1 in parallel market

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The naira, Nigeria’s legal tender has recorded massive gains against the US dollar as it is currently trading at N890 per dollar at the parallel section of the foreign exchange (FX) market.

The figure represents an appreciation of 60 or 6.3 percent from the N950 it traded last week.

The development comes on the heels of plan by the Central Bank of Nigeria (CBN) to intervene in the continued fall of the naira against foreign currencies.

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According to TheCable, Bureaux De Change (BDC) operators in the Victoria Island area of Lagos on Wednesday afternoon, said the naira has been steadily gaining against the US currency at the street market.

They put the buying price of the dollar at N870 and the selling price at N890, leaving a N20 profit margin.


“Dollar has been dropping. Yesterday, I sold it for N930. No matter how the dollar goes up, it always comes back down. That’s how it is,” a currency trader in the Victoria Island market told TheCable.

Meanwhile, currency traders in the Agbara area of Ogun state said they are currently buying the local currency at N850/$ and selling it for N860 per dollar.

At the investors and exporters (I&E) forex window, the local currency depreciated by 4.08 percent to close at N774.77/$ on Tuesday , according to details on FMDQ OTC Securities Exchange — a platform where FX is officially traded.

An exchange rate of N799.9 to the dollar was the highest rate recorded within the day’s trading before it settled at N774.77.

The data also showed that forex worth $95.79 million was transacted among market dealers.

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