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PARALLEL MARKET
News and stories about parallel market
The naira experienced a decline on Thursday afternoon, falling to N1,450 per dollar in the parallel market.
The exchange rate of the naira to the USD has increase to N1400/$ on the parallel market marking a significant strengthening on the naira in the past few weeks.
In the official market, the naira exhibited a marginal strengthening against the US dollar, concluding at N1,617.96/$1.
The exchange rate between the Naira and the Dollar seems to have reached parity following the central bank's crackdown on Binance, a platform for trading cryptocurrencies.
The official market witnessed a slight gain in the value of the Naira against the US Dollar, reversing the downward trend of the previous two days.
The exchange rate between the naira and the dollar plunged to a record low N983/$1 at the black...
The naira plummeted to another record low of N930/$1 at the parallel market on Thursday, August 10, 2023, as the demand for dollar by importers and other end-users far outstrips supply.
In this tracker, Nairametrics collates a timeline of CBN monetary policies since 2020 when the exchange rate between the naira and dollar was still N380/$1
Though the exchange rate at the I&E window has remained stable, there has been considerable depreciation at the parallel market.
The BDC operators have attributed the widening exchange rate disparity to acute scarcity of dollars due to the continued suspension of forex sales to BDCs.
Naira depreciated against the US dollar from N570 to a dollar on Wednesday to trade at N575/$1.
The Exchange rate between the naira and the US dollar dropped significantly by 6.03% in the year 2021...