Nigerian Naira In Free Fall, Exchanges N607/$ In Parallel Market

The Nigerian naira, on Friday, weakened to N607 per dollar at the parallel section of the foreign exchange (FX) market amid increased demand.

The figure represents a drop of N7 or 1.2 percent from the N600 it traded earlier this week.

Currency traders known as Bureaux De Change operators (BDCs), who spoke to TheCable in Lagos, quoted the buying rate of the greenback at N598 and the selling price at N607 per dollar.

Nigerian Naira In Free Fall, Exchanges N607/$ In Parallel Market
Nigerian Naira In Free Fall, Exchanges N607/$ In Parallel Market

A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules.

Nigerian Naira In Free Fall, But CBN Says Parallel Market Not True Representation Of Forex

The Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represents less than one percent of foreign exchange transactions and should never be used to determine Nigeria’s naira/dollar exchange.

On the official market side, the naira depreciated by 0.26 percent to close at N420.33 to a dollar on Thursday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

Bloomberg had reported that there is a huge demand for dollars in cash from politicians competing for support from delegates in the party primaries.

“Dollars is the unofficial currency in Abuja and other parts of the country in terms of the prestige and more importantly, the convenience,” the news agency quoted Idayat Hassan, director of the Centre for Democracy and Development (CDD), as saying.

The All Progressives Congress (APC) and Peoples Democratic Party (PDP) plan to hold primary elections for legislative, governorship, and presidential candidates next week.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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