Naira Depreciates Against US Dollar At Parallel Market

The head of the BDC sector commended the present government for its progress, noting that this is the first time in the past 15 years that the dollar is trading at a lower rate in the parallel market than the official rate.

The CBN has implemented several measures to boost the naira against foreign exchange, such as clearing approximately $7 billion in valid foreign exchange backlogs, providing FX to over 1,500 BDC operators at the official rate, cracking down on cryptocurrency platforms like Binance for engaging in speculation, and more.

Gwadabe revealed that BDC operators are currently purchasing the dollar at ₦980/$1 and selling it at ₦1,020/$1, in contrast to the official rate of ₦1161/$1 set by the Central Bank of Nigeria (CBN).

According to data from FMDQ, the indicative exchange rate for NAFEM rose to ₦1,148.14 per dollar from ₦1,136.04 per dollar on Monday, indicating ₦12.1 depreciation for the naira..

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