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Naira drops to N540/$1 at parallel market

The naira continued its decline against the dollar at the parallel market yesterday, closing at N540/$1 compared with N535 per dollar on Wednesday, accordingtodataobtainedfrom abokiFX.com (a website that collates parallel market rates in Lagos). The local currency also fell against the Pound Sterling and the Euro yesterday, closing at N740/£ and N632/€ respectively compared with N730/£ and N629/€ on Wednesday, according to abokiFX.com.

Following the Central Bank of Nigeria (CBN)’s stoppage of its weekly forex sales to BDCs on July 27, naira plunged to N525 per dollar on the parallel market. Although it quickly rebounded to N505/$1 due to CBN’s increased forex allocation to deposit money banks (DMBs), the local currency has been on a downward trend in the last two weeks.

Data obtained from FMDQ showed that closing at N411.67/$1, naira also weakened at the Investors and Exporters’ (I&E) window yesterday compared with N411.43 per dollar earlier in the day. A forex dealer, who spoke on condition of anonymity, attributed the naira’s decline at the parallel market to a surge in forex demand in that segment of the forex market.

 

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