Naira Continues to Depreciate Against Dollar, See Latest Exchange Rate

 

The naira has lost steam at the black market to exchange N665/$1 on Tuesday, according to a report by Nairametrics.

 

The report noted that a BDC operator at the Lagos International Airport, stated that he sold dollar for N675/$1, while he buys from customers at the rate of N665/$1, indicating a N10 margin on every dollar.

 

However, naira fell to N431/$1 at the I&E window on Tuesday’s trading session, the lowest rate recorded since the beginning of the year.

 

This is following the recent decline in the volume of FX available in the market. On Tuesday, only about $58.03 million in FX value exchanged hands, representing a 35% decline compared to $89.8 million that was traded the previous day.

 

Some BDC operators have blamed the volatility in the parallel market on the fragmented and disorganized state of the market. Some have also blamed it only significant rise in demand as a result of panic buying.