Breaking News
Naira now exchanges for N1,590/$ in parallel market
Today the naira depreciated against the dollar by N10. I bought a dollar at N1580 and sold it for N1,590 as against yesterday. Today there is less supply of dollars. The dollar was traded at N1,600 per dollar this morning and closed at N1,590.
In the parallel market, the value of the Naira fell from N1,580 per dollar on Monday to N1, 590 per dollar yesterday. In a same vein, the Naira lost value on the Nigerian Autonomous Foreign Exchange Market, or NAFEM, Wednesday, falling to N1,582.09 per dollar.
The indicative exchange rate for NAFEM increased to N1,582.09 per dollar from N1,570.99 per dollar on Monday, according to data from FMDQ, suggesting a N11.1 devaluation of the naira.
The amount of dollars exchanged in the market fell from $246.44 million on Monday to $201.43 million, an 18.2% decrease.
As a result, the difference between the NAFEM rate and parallel market dropped from N10.8 to N7.91 per dollar on Monday.
Commenting, Isa Garba , a currency trader, attributed the Naira depreciation to increased demand and low supply of the dollar.
“When you see the naira closing the market at an appreciation, it means that there was increased demand and adequate supply of dollar during the period.
Today the naira depreciated against the dollar by N10. I bought a dollar at N1580 and sold it for N1,590 as against yesterday. Today there is less supply of dollars. The dollar was traded at N1,600 per dollar this morning and closed at N1,590.
“Due to the low supply, few traders were present in the market adding to the demand and supply pressure.”
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