Naira records three month low of N1,530 on parallel market

The naira on Monday hit three-month-low of N1,530 per dollar on the parallel market, also known as the black market, following renewed pressure on demand for the greenback by the end users.

This represents 0.65 percent (N10) lost compared to N1,520 quoted on Friday on the black market. The local currency was quoted at N1,570 per dollar on March 19, 2024 according to data collated from online data collation platforms and street traders.

“The dollar’s value has risen due to increased demand from travellers and importers. Currently, we purchase dollars at N1,520 and sell them at N1,530,” a street trader in Lagos informed newsmen on Monday.

On the official Foreign Exchange (FX) market the naira gained 0.70 percent on Friday as the five days trading week ended calmly.

After trading on Friday, the dollar was quoted at N1,509.67 compared to N1,520.24 quoted on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.

The dollar supplied by willing buyers and willing sellers decreased by 32.64 percent to $116.88 million on Friday from $173.51 million recorded on Thursday.

The intraday high closed at N1,535 on Friday as against N1,550 closed on Thursday, while the intraday low was quoted at N1,450 on the same day compared to N1,430 quoted Thursday.