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Declining Naira Value Forces Businesses, Companies To Parallel Market

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With the value of the naira further declining to N504 to the dollar, businesses and corporates are resorting to sourcing foreign exchange at the parallel

This is as the 30-day moving average of the external reserves continue to decline. As at July 8, 2021, it had declined to $33.12 billion, down from $35.64 billion which it was at the beginning of the year. Total turnover as of July 8, 2021 at the NAFEX window also known as the Investors’ and Exporters’ window, decreased by 24.5 per cent to $526.79 million with trades consummated between N400 to N460 to the dollar.

To him, “the supply of foreign exchange was inadequate to meet rising demand. The rate premium between the Nigerian Autonomous Foreign Exchange Rate and the parallel market rate averaged around 20 per cent. Several businesses and corporates encountered difficulties in sourcing foreign exchange at the formal segment of the market and were forced to source the greenback at the parallel market.

 

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