by 6.58 percent against the dollar to close at N742.9 on Tuesday, according to FMDQ OTC Securities Exchange — platform that oversees foreign-exchange trading in Nigeria.
Bureaux De Change operators in Lagos and Ogun who spoke to TheCable on Wednesday said there is high demand for foreign currency in the parallel/street market. The street traders, popularly known as ‘abokis’ put the buying price of the dollar at N840 and the selling price at N860, leaving a profit margin of N20.When asked the reason for the decline of the naira against the dollar, Abubakar, a BDC operator in the Agbara area of Ogun state, said there has been increased demand for dollars amid a supply shortage in the market.Tags
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Naira closes at N795/$ in official marketThe naira closed at N795.28/$ in the Investors and Exporters (I&E) window- official market.The rate at the parallel market was N800/$, which was stronger than N825/4 it closed over the weekend. Data from FMDQ Exchange indicated drop in market liquidity from $90 million daily average last week to $34.55 million on Monday. The Central Bank of Nigeria (CBN) unified all exchange rates into the I&E window and allowed market forces to determine exchange rate for the naira. The floating of the naira, which officially ended decades of multiple exchange rate regime was one of the first policy pronouncements by Nigeria’s newly elected President, Bola Ahmed Tinubu. On the inauguration day, he announced series of bold reforms many considered long overdue, including a directive to the Central Bank of Nigeria (CBN) to unify all exchange rates. The multiple exchange rates – the International Air Transport Association (IATA) rate, parallel market rate, Interbank Exchange Rate and Bureaux De Change…
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