Naira continues to depreciate against the dollar, now trading at N1,135/$

In the parallel section of the foreign exchange (FX) market on Wednesday, the value of the naira dropped to N1,135 per dollar.

The figure is a N15, or 1.35 percent, decrease from the N1,120 value from yesterday.

Bureau De Change (BDC) currency traders in Lagos reported a purchasing rate of N1,120 and a selling rate of N1,135 per dollar.

The street vendor, who went by Aliyu, claimed that the rate was quite erratic today.

The hallmark of a parallel market is noncompliance with institutional regulations.

The naira lost 0.55 percent of its value on the official market, closing at N874.71 to the dollar on Wednesday after trading at N869.91 on Tuesday.

Data from the FMDQ Securities Exchange, which regulates official foreign exchange trading in Nigeria, shows that the day’s highest price was N1097.50/$ before it settled at N745/$.

Before the end of 2023, the US multinational financial services company JP Morgan predicted that the value of the naira would be at N850 to the dollar.