Naira At Record Low Of N1,410 To A Dollar At Parallel Market


The naira has hit a record low at the parallel section of the foreign exchange market.

The local currency closed at N1,415 on Thursday compared to N1,365 to the greenback exchanged on Wednesday, January 24, 2024.

Currency traders, also known as Bureau de Change (BDC) operators, put the buying rate of the greenback at N1,400 and the selling price at N1,410— leaving a profit margin of N10.

At the official section of the foreign exchange (FX) market, the local currency closed at N900.96/US$ as against N882.24 on Wednesday, from N878.61 on Tuesday.

FMDQ Exchange, a platform that oversees official FX trading in Nigeria, said the naira recorded a high of N1,313 and a low of N700.

Reacting to the development, economic analysts say they expect the naira to remain pressured across FX segments due to CBN’s constrained capacity to significantly boost supply. Some business owners, importers and manufacturers have clearly expressed their concern over the non-availability of FX.


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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