Naira Depreciates Further, Exchanges Close To 1000/$1 At Parallel Market

The naira on Wednesday moved closer to N100/$1 at the exchange rate.

According to reports, the naira dropped to a record low of N925/$1 on the parallel market on Wednesday.

This followed high demand for foreign currency in the country. Mohammed Gazali, a forex trader in Zone 4 Abuja, disclosed on Tuesday evening.

READ ALSO: No Electricity, No Human Contact And Eating Dry Rice And Pasta – Niger’s Ousted President Bazoum

Similarly, he said the dollar exchanged between N880 and N890 in Lagos.

Meanwhile, in the official Investor and Exporter Window, the exchange rate closed at N757.81/$1, while the NAFEX rate was N776.

The official market also faces supply constraints, with daily turnover averaging $80 million since July.

Recall that since the liberalisation of the forex window by the Central Bank of Nigeria on June 14, the market has continued to be unstable.

READ ALSO: I Doff My Heart To Tinubu, He Has Consigned Buhari’s Eight Years Into The Dustbin Of History – Reno Omokri Says President Is Courageous Like Awolowo

During his July 31 broadcast to Nigerians, President Bola Ahmed Tinubu said the government would intervene in the forex market when necessary.

At July’s Monetary Policy Committee meeting, the acting CBN governor Folashodun Shonubi stated that efforts were underway to address forex volatility.

Photo Credit: Getty