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JUST IN: Naira Crashes Again To N742 Per Dollar in Parallel Market

The naira fell to record lows on the parallel segment of the foreign exchange (FX) market, commonly referred to as the black market, as it traded at a low of N742 per US dollar on the morning of Thursday, October 13, 2022.

This figure represents an N5 or 0.7% drop from N737, which traded two weeks ago.

The depreciation of the yen increased the demand for the dollar, further widening the gap between the official and parallel exchange rates.

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On the official market, the naira rose 0.11 against the dollar and on Wednesday he traded at N440.67, according to details from his FMDQ OTC stock exchange, the platform that oversees Nigeria’s official forex trading. finished.

In Lagos on Thursday he spoke with TheCable Bureau de He Change He Operator (BDC), a currency trader known as a currency trader who bought the dollar at N735/dollar and sold it at N742 and made a profit of N7. said to be up. Traders said the forex shortage continued to plague the market.

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“People come back to buy dollars, but there is a shortage of dollars in the market. There is demand but no supply. said his BDC operator at .

Another dealer in Abuja told TheCable that he sold $1 on his N740. In 2021, the Central Bank of Nigeria (CBN) has stopped allocating FX to BDC operators.

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CBN president Godwin Emefiele said his marketers had turned their backs on Black’s goal of becoming a money laundering agent.

CBN has also consistently argued that the parallel market accounts for less than 1% of his foreign exchange trading and that Nigeria he should not be used to determine the Naira/dollar exchange rate.

Top Bank later entrusted savings banks to cover the expected demand from the public.


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