Naira Traded Against the Dollar for N1,140/$ At the Parallel Market

The demand on the foreign exchange (FX) market worsened on Wednesday as the naira fell to N1,140/$ at the parallel market. This shows that the country's currency added N110 in just a few hours. On Monday, the naira sold for N1,030/$.

This represents an 8.91% decline against the dollar when compared with how it traded for N1,046.66 on Tuesday.

On Tuesday, naira traded for N1,046.66/$ following the shortage of dollars in the parallel market.

This represents 2.61% (N26.66/$) weaker than N1,030 reported on Monday. BusinessDay reported that the dollar was sold for N1,080 in Festac, N1,030 at the Airport, and in Ibadan, it sold for N1,025/$1.

“Individuals who bring dollars for us have stopped selling because of the way the rate is fluctuating. So there is a slight shortage of dollars and demand is rising,” one of the street traders said.

On Friday, the naira gained against the dollar by 22.13% (290) as the dollar fell to N1,020 from N1,310 on Thursday in the parallel market. 

On Tuesday at the Autonomous Foreign Exchange Market (NAFEM), the naira weakened further as the dollar was quoted at N869.91 as against N809.02 traded on Monday.

After trading at the Nigerian NAFEM on Monday, dollar was quoted at N809.02 as against N776.14 quoted on Friday, data from the FMDQ indicated.