The parallel market witnessed a depreciation of the naira on Tuesday, as it fell to N1,330/$, marking a decrease of 3.91 percent or N50 from the previous day’s rate of N1,280/$. Bureau De Change operators in Lagos quoted the buying rate of the US dollar at N1300 and the selling price at N1,330, resulting in a profit margin of N30.
Aliyu, a BDC operator, attributed the appreciation of the dollar against the naira to increased demand.
On the other hand, the official foreign exchange market saw the local currency gain by 5.79 percent to N838.95 on Monday from N890.54 last Friday. FMDQ Exchange reported that the naira reached a high of N1,261 and a low of N701. Additionally, the Central Bank of Nigeria disclosed that it had redeemed outstanding forward liabilities of nearly $2 billion within three months, while also making payments of $61.64 million to foreign airlines through deposit money banks.
The finance minister and coordinating minister of the economy, Wale Edun, stated that the overdue forward payments were a contributing factor to the depreciation of the naira.
