Naira falls to N1,300 to Dollar on parallel market

Naira falls to N1,300 to Dollar on parallel market

The naira on Tuesday continued free fall, exchanging for N1,300/$ at the parallel market.

This is as it closed trading on the Peer-to-Peer cryptocurrency window at N1,315.3/$1 on the day. The PUNCH was able to verify the parallel market prices with Bureau de Change Operators.

Zone 4 Magaji Muhammad Abuja Bureau de Change operator stated that as of Tuesday, the rate was N1,300/$.

“Currently, we are selling for N1,300/$. We are witnessing more demand and that’s why.”

N1,315.3/$1 was the closing rate of the naira on the Binance P2P platform. Nigeria has one of the biggest peer-to-peer exchange volumes in the bitcoin world, according blockchain company Chainalysis.

The naira ended trading in the Investor and Exporter Window of the foreign currency market at N878.57/$, per information provided by the FMDQ OTC Securities currency.

The government is making steps to increase liquidity in the formal market, but the naira is still declining. In the past five days, the official Investor and Exporter window’s dollar supply has decreased by 891.3%, despite recent government initiatives to increase market liquidity.


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