Naira plunges to N1,300/$ in parallel market

By Sodiq Adelakun

The naira experienced a further decline on Wednesday, with its value against the dollar dropping to N1,300 compared to the previous day’s rate of N1,250 in the parallel market.

Meanwhile, the British pound was being traded at N1,500 by certain dealers and N1,510 by others.

Several bureau de change operators in Lagos confirmed that the selling price for the dollar was N1,300, while the buying price stood at N1,250. However, many operators mentioned that the availability of dollars was limited, making it difficult to obtain the currency.

“We sold for N1,250 yesterday, but today it has reached N1,300,” said Zango a BDC operator at Berger. “If you want to buy, do fast before it goes up again.”

Alhaji Bigi, a currency operator, has confirmed that the selling price of dollars in Nigeria has reached an all-time high.

However, he expressed difficulty in obtaining dollars due to its scarcity.

In contrast, Aboki Forex, an online platform that provides real-time market exchange rates, reported that as of 10 am on Wednesday, the dollar was quoted at N1,310 and the pound at N1,525.