Naira down to N1,620 in parallel market

Naira down to N1,620 in parallel market

The naira yesterday depreciated to N1,620 per dollar in the parallel market from N1,575 per dollar on Tuesday.
But the Naira appreciated to N1,611.55 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by FMDQ, showed that the indicative exchange rate for the naira fell to N1,611.55 per dollar from N1,612.24 per dollar on Tuesday, indicating 69 kobo appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N8.45 per dollar from N37.24 per dollar on Tuesday. Currency traders attributed the depreciation of the naira to increased demand and low supply factors.

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Mr. Danjuma Sanni, a currency trader, told Vanguard that there had been a continuous increase in demand for the dollar, which intensified yesterday. “There has been increasing demand for the dollar with low supply. Though people still sell their dollars, the demand is still increasing more than the supply.
“Today, I bought a dollar at N1,600 and sold it for N1,620.

“This morning a dollar was sold at N1,650 and closed between N1,610 and N1,620.” The trader envisages the exchange rate to trade below N1,600 per dollar at the end of the week.”

Naira down to N1,620 in parallel market