Thursday, 20 July 2023 03:53

Gaps between official and parallel market Naira exchange rates widen again

Rate this item
(0 votes)

The naira has continued its downward spiral, falling to N860 per dollar at the parallel market on Wednesday.

The figure represents a N35 or 4.2 percent depreciation compared to the N825 it traded on Tuesday.

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

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

At the investors and exporters (I&E) window, the local currency appreciated by 6.58 percent against the dollar to close at N742.9 on Tuesday, according to FMDQ OTC Securities Exchange — platform that oversees foreign-exchange trading in Nigeria.

Bureaux De Change (BDC) operators in Lagos and Ogun who spoke to our correspondent on Wednesday said there is high demand for foreign currency in the parallel/street market.

The street traders, popularly known as ‘abokis’ 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.

 

The Cable

June 08, 2025

Nigerian Stock Exchange surpasses N72trn milestone as investors see massive gains

The Nigerian Exchange (NGX) achieved a historic milestone this week, with its market capitalization breaking…
June 02, 2025

Afenifere blasts Tinubu: ‘Midterm report shows woeful failure, economic deforms, and rising despair’

The pan-Yoruba socio-political organization, Afenifere, has issued a scathing midterm assessment of President Bola Tinubu’s…
June 07, 2025

Are boiled eggs good for you? Here's what experts say

Caroline C. Boyle If you’re after a nutrient-dense breakfast, boiled eggs are a quick and…
June 07, 2025

‘Nigerians are marrying all our daughters’, Kenya’s President Ruto, cries out

Kenyan President William Ruto has stirred up a storm on social media with his provocative…
June 06, 2025

Gunmen kill two policemen, abduct Chinese in Kwara

The Kwara State Police Command on Thursday confirmed the killing of two policemen and the…
June 08, 2025

What to know after Day 1200 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Russian military retaliated against Kiev’s ‘terrorism’ – MOD The Russian military has said…
June 08, 2025

Let God back into the lab: Why science without God is failing us

David Rives In recent decades, a subtle and sinister revolution has occurred in our scientific…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.