Naira and Dollar
The naira on Tuesday, set a new record, falling to its lowest against the dollar at the parallel market.
Bureaux De Change operators, BDCs, quoted the naira at N1,000 to the dollar at the street market as they put the buying price of the dollar at N990 and the selling price at N1,000.
The figure represents a depreciation of N7 or 0.7 percent from the N993 to a dollar it traded on Monday, September 25.
“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 per dollar,” a BDC in Lagos said.
On the Investors’ and Exporters’ window, I&E, the local currency depreciated by 4.78 percent to close at N773.25 to the dollar on Monday, September 25.
Since the Federal Government decided to unify all trading windows into the I&E window, effectively floating the naira against the dollar, there has been a huge gap in rates obtained at the parallel and official FX markets as demand shifts to the former amid a liquidity crisis.
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