Naira Hits N605 as Parallel Market FX Rate Worsens
Naira is trading down in the parallel foreign exchange market this afternoon. Some of the Bureau de Change (BDCs) are currently selling the United States dollar for N605.50 afternoon in Apapa, Ikeja and Eko Hotels amidst scarcity of the foreign currencies.
Pre-election demand for foreign currencies is driving FX rates outside the managed line. Recall that Naira is facing similar pressures at the Investors and Exporters window where rates cross the red line.
The local currency dips by 0.18%, exchanged at N419.25 to the dollar. The Naira, on Wednesday, exchanged at N419.25 to the dollar at the Investors and Exporters window, compared to N418.50 traded on Tuesday, representing a 0.18 per cent depreciation.
The open indicative rate closed at N418.00 to the dollar on Wednesday. An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N419.25. READ: Naira Worsens as FX Rates Cross the Rubicon
The Naira sold for as low as N410 to the dollar within the day’s trading. A total of 201.34 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday. # Naira Hits N605 as Parallel Market FX Rate Worsens
