Naira now exchanging at N1,140/$ in parallel market

The Naira closed trading on the Investor & Exporter forex window at N996.75/$ on Thursday, November 9, in spite of the Central Bank of Nigeria’s effort to strengthen the foreign exchange market.

Punch reported that this is a 13.95 per cent decline from the N874.71/$ it closed trading on Wednesday, November 8. So far, the Naira has lost 27.75 per cent of its value since opening the week at N780.23/$ according to details on FMDQ OTC Securities Exchange.

The Naira has lost about 40 per cent of its value in 2023, earning the tag of one of the worst performing African currencies from the World Bank.

At the parallel market, the Naira exchanged at N1,140/$ as of Thursday.  A trader who only gave his name as Kadri told the publication “Dollar is N1,100 if you want to sell. It is N1,140 if you want to buy.” Another trader, Awolu, stated that he would buy the dollar at N1,100. He said, “Dollar is N1,100 if you want to sell to me.”