Data from FMDQ Securities Exchange, a platform that oversees foreign exchange trading in Nigeria, showed that the local currency opened with an exchange rate of N762.5 to the dollar and sold for an intra-day high of N825/$ before closing at N776.9/$.Meanwhile, at the parallel market where the dollar is traded unofficially, Bureaux De Change operators who spoke to TheCable in the Victoria Island area of Lagos said there was high demand for the greenback.
“We have dollars to sell and people have also been coming to buy. Demand is high now,” trader simply identified as Musa told TheCable. In mid-June, the Central Bank of Nigeria introduced major reforms that disrupted the foreign exchange market scope.of all segments of the forex exchange market and the re-introduction of the “willing buyer, willing seller” model at the I&E window.
“Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks,” the apex bank had said. Following the apex bank’s directive, the naira depreciated significantly, trading at N 755 per dollar — but later appreciated to