Sad News: Naira Tumbles To N1,620/$ At Parallel Market

Sad News: Naira Tumbles To N1,620/$ At Parallel Market....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

On Monday, the Naira witnessed a depreciation to N1,620/$ within the parallel section of the foreign exchange market. READ THE FULL ARTICLE HERE

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This figure reflects a N20 decrease, marking a 1.25 percent depreciation compared to its value of N1,600 on March 1, 2024.

Currency traders in Lagos, commonly known as bureau de change (BDC) operators, disclosed to TheCable that the buying rate for the greenback stands at N1,580, with a selling price of N1,620, thereby maintaining a profit margin of N40.

Conversely, at the official window, the Naira exhibited a 0.9 percent gain, trading at N1,534.19/$ on Monday, up from N1,548.25 per dollar on March 1.

According to data from FMDQ Securities, a platform overseeing foreign exchange trading in Nigeria, the local currency reached an intra-day trading high of N1,600.75 and a low of N1,425.35.

In a statement made on February 28, 2024, Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), asserted that the undervaluation of the Naira primarily stems from distortions within the foreign exchange market.

Cardoso emphasized, “As and when we identify these distortions, we will rectify them promptly. Additionally, where distortions arise due to malpractice, we will ensure that those responsible are held accountable as a deterrent for future misconduct.”

He further elaborated on how perpetrators contribute to the confusion within the FX market.

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Source: Bushradiogist