Naira weakens to 1,705/$ at parallel market
The value of the naira depreciated at the unofficial market on Wednesday as it traded at 1,705/dollar, according to Bureau De Change operators in Lagos and Abuja.
A BDC operator in Lagos, Aliyu Sani, Mentioned in an exclusive interview that he sold dollars for N1705, and bought at 1,695/$. In Abuja, the rate was lower at N1,700.
A currency trader, Suraju Ajao, said that he sold dollars for 1700/$ and bought at 1,690/$.
On the Nigerian Autonomous Forex Exchange Market domiciled on the FMDQ Securities, the naira closed trading at 1659.69/$, indicating a 0.04 per cent depreciation from 1658.97/$ that it traded on Tuesday.
On the official market, the naira traded at a high of 1,682/$ and a low of 1,562.97/$.
The daily turnover dipped to $177.10 from $217.86m on Tuesday.
The value of the naira reached a new low on Monday, closing at 1,700/dollar, a 0.29 per cent decline compared to N1,695 to the dollar, which it exchanged last week Friday.
The World Bank has recently listed the naira as one of the worst-performing currencies in Sub-Saharan Africa in 2024
As of August, the local depreciated by approximately 43 per cent year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound.
