Naira in Free Fall: Plummets to N1,365/$ at Parallel Market

In a continued slide, the Nigerian naira experienced a significant drop on Tuesday, reaching N1,365 against the US dollar in the parallel market. This marks a 2.63 percent depreciation, equating to N35 compared to its value on January 16, 2024, when it stood at N1,330.

Bureau De Change (BDC) operators, commonly known as currency traders, set the buying rate for the dollar at N1,355 and the selling rate at N1,365, maintaining a profit margin of N10. Aliyu, a BDC operator in Lagos, noted an escalating demand for the dollar, attributing it to increased purchases.

Meanwhile, at the official foreign exchange market (FX), the naira saw a 5.05 percent gain, rising to N878.61 on Tuesday from N925.3 on Monday. The FMDQ Exchange reported a high of N1,336.05 and a low of N701 for the naira.

In a notable development, the Association of Bureau de Change Operators of Nigeria (ABCON) disclosed that the Economic and Financial Crimes Commission (EFCC) granted its members permission to post exchange rates online. Aminu Gwadabe, ABCON’s president, shared that ongoing discussions with relevant agencies aim to allow BDC operators to import dollars, enhancing liquidity in the sector.