Value of Naira to Dollar at Parallel Market Falls to N461/$1

devalue naira
Image Credit: Jean Chung/Bloomberg

By Adedapo Adesanya

The value of the Nigerian Naira to the United States Dollar at the parallel market depreciated by N1 on Tuesday to N461/$1, data from AbokiFX, a foremost foreign exchange platform tracking rates at the various market windows showed.

At the previous session, the local currency was exchanged against the Dollar by traders at the lack market at N460/$1.

The performance of the Naira at the parallel market yesterday has further widened the gap between window and other segments of the FX market in the market.

During the trading day, the value of the Naira against the British Pound Sterling at the parallel market was weakened by N2 to N592/£1 from N590/£1 it was traded on Monday. However, against the Euro, the local currency maintained stability at N538/€1.

At the Investors and Exporters (I&E) window on Tuesday, the exchange rate of the Naira to the US Dollar remained unchanged at N386/$1 and this was helped by the decline in the demand for forex at the market window.

According to data harvested by Business Post from FMDQ Securities Exchange, which tracks transactions carried out at the market window, the turnover for the day reduced by 22.3 per cent or $22.82 million to $79.53 million from $102.35 million achieved at the preceding session.

The Central Bank of Nigeria (CBN) has continued to make forex available to authorised forex traders at the investors’ window to meet the demands of their customers. This has helped to ease the pressure on the domestic currency at the market segment.

Equally, at the Bureaux De Change (BDC) window of the FX market, the exchange rate of the Nigerian Naira to the greenback remained static at N386/$1 at the close of transactions on Tuesday.

As for the exchange rate of the Naira to the Dollar at the interbank segment, the value remained unchanged yesterday at N379/$1.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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