BREAKING: Naira Depreciate Further Against Dollar To N1,900/$ At Parallel Market

Date: 22-02-2024 10:07 am (2 months ago) | Author: onuigbo felicia
- at 22-02-2024 10:07 AM (2 months ago)
Online (f)

The Nigerian naira, on Tuesday, depreciated further to N1,900 to the dollar at the parallel section of the foreign exchange (FX) market.

The naira declined by 9.83 percent from the N1,730 recorded on Monday.

Currency traders, also known as Bureau de Change (BDC) operators, quoted the buying rate at N1,850 and the selling rate at N1,900 — leaving a profit margin of N50.

“We don’t understand the rate and it will get more expensive tomorrow,” a trader known as Aliyu said.

Meanwhile, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency recovered to N1,551.24 per dollar on Tuesday.

The rate represents a 2.9 percent appreciation from the N1,598.54 traded on Monday.

According to data from the FMDQ Securities Exchange — a platform that oversees FX trading in Nigeria — the local currency hit an intra-day high of N1,701 and a low of N1,100.

Amid ongoing efforts to restore market stability and boost liquidity, the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA), entered a partnership to investigate and penalise those involved in illicit activities within the FX market.

The partnership, according to ONSA, will involve a coordinated effort with key law enforcement agencies, including the Nigeria police force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS) and the Nigeria Financial Intelligence Unit (NFIU).

On February 20, 2024, President Bola Tinubu said his administration is making efforts to raise at least $10 billion to increase liquidity, stabilise the naira and grow the economy.

Posted: at 22-02-2024 10:07 AM (2 months ago) | Addicted Hero
- Benti247 at 22-02-2024 10:22 AM (2 months ago)
(m)
Hausa people wan finish this man. Wipe those aboki for Bureau de Change out. Are they untouchable ? If say na Igbo dey do that illicit business AREWA CONSULTATIVE FORUM or
 NORTHERN ELDERS would have called for execution of the operators.
Posted: at 22-02-2024 10:22 AM (2 months ago) | Gistmaniac
Reply
- Benti247 at 22-02-2024 10:23 AM (2 months ago)
(m)
Hausa people wan finish this man. Wipe those aboki for Bureau de Change out. Are they untouchable ? If say na Igbo dey do that illicit business AREWA CONSULTATIVE FORUM or
 NORTHERN ELDERS would have called for execution of the operators.
Posted: at 22-02-2024 10:23 AM (2 months ago) | Gistmaniac
Reply
- fineboy77 at 22-02-2024 11:19 AM (2 months ago)
(m)
We are watching. Emi lokan with an empty head.

Posted: at 22-02-2024 11:19 AM (2 months ago) | Addicted Hero
Reply
- Olandetujaa at 22-02-2024 11:32 AM (2 months ago)
(m)
Until the foreign currencies sitting in Nigerians banks are volatile and free to move by every individual local currency will continue depreciate, no reforms or policy will be able to change the trend. The banks know the truth but they won't say it.
Posted: at 22-02-2024 11:32 AM (2 months ago) | Gistmaniac
Reply
- Benti247 at 22-02-2024 01:34 PM (2 months ago)
(m)
This foreign  currency parallel market dominated and operated by the the North is more like a parallel government. You can see how they are truncating Tinubu's economic policies. The Yoruba should talk to themselves. Their political romance with the North is over. Act now.
Posted: at 22-02-2024 01:34 PM (2 months ago) | Gistmaniac
Reply
- Holopid at 22-02-2024 04:12 PM (2 months ago)
Online (f)
e go knack 3000 4 Sure   Undecided
Posted: at 22-02-2024 04:12 PM (2 months ago) | Gistmaniac
Reply
- fineboy77 at 22-02-2024 09:31 PM (2 months ago)
(m)
Quote from: Holopid on 22-02-2024 04:12 PM
e go knack 3000 4 Sure   Undecided
E no go even stop there

Posted: at 22-02-2024 09:31 PM (2 months ago) | Addicted Hero
Reply
- Holopid at 22-02-2024 11:06 PM (2 months ago)
Online (f)
Quote from: fineboy77 on 22-02-2024 09:31 PM
E no go even stop there
u r right my dear Smiley
Posted: at 22-02-2024 11:06 PM (2 months ago) | Gistmaniac
Reply
- gogoman at 23-02-2024 12:01 AM (2 months ago)
Online (m)
 Roll Eyes Roll Eyes Roll Eyes
Posted: at 23-02-2024 12:01 AM (2 months ago) | Grande Master
Reply

fire TRENDING GISTS fire

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