Naira Decreases On The Parallel Market To N1,900/$

The Nigerian naira, on Tuesday, depreciated further to N1,900 to the dollar at the parallel section of the foreign exchange.

On Tuesday, the parallel section of the foreign exchange (FX) market saw a further depreciation of the Nigerian naira to the dollar, to N1,900.

The value of the naira fell from N1,730 on Monday by 9.83 percent.

Currency dealers, commonly referred to as Bureau de Change (BDC) operators, quoted a buying rate of N1,850 and a selling rate of N1,900, meaning that N50 was left over as profit.

On Tuesday, the local currency at the Nigerian Autonomous Foreign Exchange Market (NAFEM) rebounded to N1,551.24 per US dollar.

Read: Dollar Hits N1,900 Despite FG’s Clampdown; Pound Hits N2,250

The rate has increased by 2.9 percent from the N1,598.54 it was trading at on Monday.

Data from the platform that regulates foreign exchange trading in Nigeria, FMDQ Securities Exchange, shows that the local currency experienced intraday highs of N1,701 and lows of N1,100.

The Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) partnered to look into and punish individuals engaged in illegal activities within the foreign exchange market as part of continuous efforts to improve market stability and liquidity.