Naira slides to N748/$ at parallel market Dollar and Naira

By Abubakar Yunus Abuja

The naira has dropped to N748 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black or street market.

The figure represents a depreciation of N8 or 1.1 percent from the N740 it traded two weeks ago.

Speaking to TheCable on Wednesday morning, Bureaux De Change (BDC) operators put the buying price of the dollar at N740 and the selling price at N748, leaving an N8 profit margin.

They said there was low demand for the greenback in the street market.

“Demand is not much. Maybe because it’s January. People are not rushing to buy dollars to import goods,” said a BDC operator in Victoria Island, Lagos.

At the official market, the local currency closed flat against the dollar at N461.50/$ on Tuesday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign exchange trading in Nigeria.

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) is expected to meet next week to determine the trajectory of the nation’s monetary policy and the economy at large.

Peoples Daily had reported that Godwin Emefiele, CBN governor, resumed duty on Monday after his annual vacation abroad.

“The governor resumed with renewed vigour to perform his duty ahead of the first monetary policy committee (MPC) meeting of the year scheduled for January 23 to 24, 2023,” Osita Nwanisobi, CBN spokesperson, had said.

“Mr. Emefiele remains committed to performing the task before him in line with his oath of office and the policy direction of President Muhammadu Buhari.

“While thanking the public for keeping faith with the bank, we urge Nigerians to continue to support the policies of the bank aimed at ensuring a stable financial system and the Nigerian economy in general.”