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Naira Hits All-Time Low – Sells N1000/$ At Parallel Market

Dollar To Naira Exchange Rate For Today 29 November 2023

Naira has set a new record, falling to its lowest against the dollar at the parallel market.

Gatekeepers News reports that Bureaux De Change operators (BDCs) noted that the naira is currently selling at N1,000 against the dollar at the black market.

On Tuesday, the traders put the buying price of the dollar at N990 and the selling price at N1,000, leaving a profit margin of N10.

The figure represents a depreciation of N7 or 0.7 per cent from the N993/$ it traded on Monday.

According to TheCable, a BDC operator simply known as Atiku, in Ishaga, said he is selling the dollar at N1000; while Shehu, another street trader in Ogba, offered the same rate.

A BDC operator at the Alade market in Ikeja, said, “Dollar is more expensive and scarce. In fact, if you are willing to sell, I will be willing to buy, even if it is at N990/$.”

Meanwhile, according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦764.09 per dollar on Tuesday, September 26, 2023, and closed at ₦755.08 per $1 on Tuesday, September 26, 2023.

The last time the naira hit its lowest was on August 10 when it traded at N950.

Analysts argued that the failure of the banks to supply an adequate amount of FX to alleviate pressure in the official market pushes demand to the open market.

To curtail the naira free fall, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, had said the country needs to address its $6.8 billion overdue forward payments, and shrinking reserves.

Meanwhile, the president of the BDC operators, Aminu Gwadabe said the BDCs are proposing consolidation to the Central Bank of Nigeria (CBN) to make it possible for them to access more FX.

Gwadabe said obtaining forex has become difficult for some operators, so merging their resources would make it easier to have the liquidity needed to obtain FX.

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