Nigeria’s foreign exchange reserves is falling just like the value of the naira is experiencing a free fall.
Because forex is scarce and the value of the naira is not appreciating, the exchange rate of dollar to naira keeps rising.
So if you must convert your dollar today, you need to know what the exchange rate is saying.
The naira, on Thursday, depreciated to ₦1,175 per dollar at the parallel section of the market.
Have You Read: #COP28: Photos Of NLC President Ajaero In Dubai, Weeks After Attack Sparks Reactions
The rate is a 0.43% decrease from the ₦1,170 recorded on Monday.
Bureau De Change operators (BDCs), revealed that they make only 15 profit margins.
According to the BDC operators, a dollar can be bought at N1,160 and sold at ₦1,175 in the black market.
“Normally, in December the dollar price should fall due to increased demand,” a trader who identified as Aliyu said.
The local currency depreciated in the official market by 17.91% to ₦955.22 on Wednesday — from ₦806.7 on Tuesday.
At the FMDQ Exchange, the naira recorded a high of ₦1,159.10 and a low of ₦701.
On November 5, Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN) said the CBN would concentrate on its price stability functions.
You May Also Like: DMO Puts 4 FGN Bonds Worth ₦360bn Up For Public Sale
The statement came amid an unyielding upward inflationary trend and high levels of volatility in the FX market.
