Naira falls to N575/$1 at parallel market

The exchange rate between Naira and other major currencies dropped significantly on Thursday as the naira sold high as N575/$1 at the parallel market.

Naira depreciated against the US dollar from N570 to a dollar on Wednesday to trade at N575/$1.

This is according to information from Bureau De Change operators in Lagos State.

The change in the naira-to-dollar exchange rate represents a 0.88% depreciation compared to the previous trading session. It is also the lowest rate recorded since 21st December 2021.

Similarly, naira weakened against Euro to sell at N645/€1 at the parallel market, representing a 3.2% depreciation compared to N625/€1 recorded in the previous trading session.

In the same vein, the exchange rate between naira and pounds fell by 0.67% to sell for an average of N755/£1, down from the N750/£1 it had maintained in recent times.

Naira depreciated marginally against the US dollar by 0.12% to close at N416.5/$1 at the official Investors and Exporters window on Wednesday, despite the improvement in forex turnover at the market.

Notably, FX turnover increased by 37.36% to stand at $130.73 million compared to $95.17 million that exchange hands in the previous day.

The highest rate recorded during the day was N444/$1 while the lowest was N410/$1. The opening indicative rate however closed at N415.79/$1 before settling at N416.5/$1.

Meanwhile, the Central Bank continue to intervene in the official market, hence managing the volatility in the currency market. A cursory look at the data shows that the exchange rate at the I&E window has been averaging between N416/$1 and N416.6$1 since the beginning of the year.