Naira falls again, sells N1,185/$ at parallel market

Naira falls again, sells N1,185/$ at parallel market

The naira on Tuesday fell to N1,185 per dollar at the parallel foreign exchange market.
The naira fell by N35 or 3.04 per cent compared to the N1,150 it traded on Monday.
On Friday, the dollar had plummeted to N1,230/$, from N1,315/$ on Thursday — and further declined to N1,150/$ on Monday.
Bureau De Change operators attributed the plunge to the fall of the dollar in the official market.
The traders put the buying price of the dollar at N1,150 and the selling price at N1,185 — leaving a profit margin of N35.
According to data from FMDQ Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria, the exchange rate recorded a high of N994.82 and a low of N730 in intra-day trading.
The Presidential Committee on Fiscal Policy and Tax Reforms had recommended an expansion of the official foreign exchange market to incorporate BDCs, forex apps and retail FX dealers, and outlaw transactions in the black market.

Chairman of the presidential committee, Taiwo Oyedele, on Monday said the Federal Government would introduce new foreign exchange rules, including a crackdown on illicit currency trading.