Extended Losses: Naira Slides To N530 At Parallel Market

The naira (N) prolonged its losses against the dollar at the parallel market on Thursday, closing at N530/$1 compared with N528 per dollar on Wednesday.

This is according to data obtained from abokiFX.com, a website that collates parallel market rates in Lagos.

The naira also fell against the Pound Sterling and the Euro yesterday closing at N720/£ and N620/$ respectively compared with N717/£ and N616/$ on Wednesday.

The Nigerian naira had dropped to a record low of N527/$1 at the parallel market on Monday, but appreciated to N526 per dollar on Tuesday.

Conversely, it resumed its decline on Wednesday, dropping to a new record low of N528 per dollar. Data obtained from FMDQ also shows that at N411.67/$1, the naira closed weaker at the Investors and Exporters’ (I&E) window yesterday compared with N411.50 per dollar on Wednesday.

Flashing back to July 28 when the Central Bank of Nigeria’s (CBN) announced that it would no longer sell forex to Bureaux De Change (BDC) operators, the naira experienced drop to N525/$1. But later recover to settle at between N509 and N510 per dollar at the parallel market.