Naira Depreciates Further in Parallel Market, Extending Loss Streak

The naira continued its depreciation streak in the parallel foreign exchange (FX) market, trading at N1,620 per dollar on Thursday. This marks the fifth consecutive day of decline, with a 0.3 percent drop from the N1,615 rate recorded on July 17.

Bureau de change (BDC) operators quoted the buying rate of the naira at N1,600 and the selling rate at N1,620, resulting in a N20 profit margin.

Meanwhile, on the FMDQ Exchange, which oversees official FX trading in Nigeria, the naira appreciated slightly to N1,566.82 per dollar on Thursday, showing a 0.94 percent improvement from N1,581.65 the previous day.

The naira’s value fluctuated between a high of N1,620 and a low of N1,500 in the parallel market.

Five-Day Loss Streak

The naira had previously appreciated to N1,530 per dollar in the black market on July 11, from N1,550 on July 10. However, it quickly reversed these gains, depreciating to N1,545 on July 12 and further to N1,555 on July 15. Between July 16 and July 17, the naira fell further to N1,585 and then to N1,615.

In the official market, the naira showed marginal fluctuations. Data from the FMDQ Exchange indicated that the naira appreciated to N1,554.65 on July 11, from N1,561 on July 10, before falling to N1,563.80 on July 12. It continued to decline to N1,577.29 on July 15, recovered slightly to N1,576.66 on July 16, but fell again to N1,581.65 on July 17.