N905/$: Naira Continues to Fall as Demand for Dollar Increases – See Latest Exchange Rate below.
On Wednesday, the value of the Nigerian naira decreased by 0.35 percent, causing it to be exchanged at N773.4 to the US dollar at the investors and exporters (I&E) window. and N905 to 1 US at the parallel market.
Data from the FMDQ Securities Exchange, a platform overseeing foreign exchange trading in Nigeria, revealed that the local currency started the day with an exchange rate of N781.49 to the dollar. It reached a peak of N799.9/$ during the day before settling at N773.4/$.
A total of $45.34 million worth of foreign exchange was traded at the I&E window on that day.
In the unofficial parallel market, where the dollar is traded unofficially, Bureaux De Change (BDC) operators mentioned that there is still a significant demand for dollars from importers and travelers. They stated that the buying price of the dollar was N885, while the selling price was N905, resulting in a profit margin of N20.
Muhammad, a currency trader in the market, shared, “The demand is still high, and the value of the dollar has been increasing.”
Just last Friday, one US dollar was sold for N865 in the parallel market. The Central Bank of Nigeria (CBN) recently introduced new operational methods for the sale of foreign exchange by BDC operators in the country. This change comes 25 months after Godwin Emefiele, the suspended CBN governor, announced the discontinuation of foreign exchange sales to this segment of the forex market.
