Nigeria’s Naira on Tuesday, plummeted to N1,330/$ at the parallel section of the market by 3.91 percent or N50 from the N1,280/$ rate recorded on Monday.
Currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1300 and the selling price at N1,330, leaving a profit margin of N30.
A BDC operator, who identified himself as Nuhu, said the Dollar rate had been appreciating against the Naira due to increased demand.
At the official section of the foreign exchange market, the local currency gained by 5.79 percent to N838.95 on Monday, from N890.54 last Friday.
FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, reported the Naira recorded a high of N1,261 and a low of N701.
The Central Bank of Nigeria (CBN) on January 7, 2023, disclosed that in three months, it redeemed outstanding forward liabilities of almost $2 billion.
The apex bank also said $61.64 million had been paid to foreign airlines through various deposit money banks (DMBs).
Wale Edun, the finance minister and coordinating minister of the economy, on September 22, 2023, said the overdue forward payments were behind the depreciation of the Naira.
