On Wednesday, the Nigerian Naira experienced a further weakening at the parallel market, losing 0.80 percent of its value against the US dollar due to increased demand. Reports from across the country indicated that the average exchange rate for one dollar was N806.50, compared to N800 the previous day.
In Abuja's Wuse area, a forex trader named Dan Kasuwa sold dollars at N797, Pounds at N1012, and Euros at N845. In Yaba, Lagos, another trader named Ibrahim Masheey bought dollars at N795 and sold them at N805. At the Ikeja local airport, Alhaji Ismail bought dollars (cash) at N780 and sold them at N795. The trader also exchanged Pounds at N1015 and Euros at N835. In Ibadan, Oyo State, Muhammad Abba bought dollars at N790 and sold them at N805.
On Tuesday, the Naira had depreciated to N800 per dollar, the lowest level in nine months, due to increased demand in the parallel market. Meanwhile, at the Investors and Exporters (I&E) forex window, the Naira weakened by 5.62 percent, with the dollar being quoted at N788.42 on Tuesday, compared to N744.07 on Monday.
The Central Bank of Nigeria (CBN) had previously abolished certain segments of the official FX market in favor of the I&E Window, where the exchange rate is determined by willing buyers and sellers. This adjustment led to an increase in the official rate from N463.38/$ to the current rate of N806.50.
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