Concern as Naira Drops to N860/$ at Parallel Market

Concern for Nigerians as Naira Drops to N860/$ at Parallel Market

A few months after the commencement of the administration of President Bola Ahmed Tinubu, the naira has continued its downward spiral.

This time, falling to N860 per dollar at the parallel market on Wednesday, July 19.

Politics Nigeria reports that the figure represents N35 or 4.2 per cent depreciation compared to the N825 it traded yesterday.

With the depreciation, the gap between the official and parallel market exchange rates is widening again.

The naira has consistently experienced fluctuations since the government unified the exchange rate windows.

Meanwhile, at the investors and exporters (I&E) window, the local currency appreciated by 6.58 per cent against the dollar to close at N742.9 on Tuesday.

According to Bureaux De Change (BDC) operators in Lagos and Ogun, there is high demand for foreign currency in the parallel/street market.

As a result, the BDC operators selling and buying foreign currency on the streets put the buying price of the dollar at N840 and the selling price at N860, leaving a profit margin of N20.

When asked the reason for the decline of the naira against the dollar, Abubakar, a BDC operator in the Agbara area of Ogun state, said there has been increased demand for dollars amid a supply shortage in the market.

“Dollar is scarce now in the market. How much do you need? I can find it for you,” he declared.

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