The naira on Tuesday crashed against the United States dollar at the parallel market where most Nigerians carry out their forex transactions.
One dollar was exchanged for N1,120 at the parallel (black) market on Tuesday based on feedback from Bureau De Change (BDC) operators.
There had been hopes in recent days that the naira was regaining its value against the dollar, but the Nigerian currency has resumed its downward trend.
On Monday, the dollar traded at N1,025, but has now fallen to N1,120 as of Tuesday according to Bureau De Change (BDC) operators in Lagos and Ogun states who spoke to TheCable.
The BDC operators noted an increased demand for dollars in the parallel market.
“Today, there was high demand for dollars,” a BDC operator said.
Similarly, at the investors and exporters (I&E) window, the local currency depreciated by N60.89 or 7.53 percent against the dollar to close at N869.91 on Tuesday — from N809.02 on Monday.
According to FMDQ Securities Exchange — a platform that oversees foreign exchange trading in Nigeria – the greenback’s highest rate for the day was N1,100 and its lowest intra-day price was N700.
Reports that the Central Bank of Nigeria (CBN) has started clearing the backlog of matured dollar obligations amounting to over $7 billion had triggered hope of the naira’s fightback against the dollars.