December 11, 2024
By Idris Buba
The exchange rate of naira against the dollar rose from N1,600 to N1,745/$1 on the parallel market a sharp reversal from what was recorded at the end of last week trading.
Nairametrics, in an earlier article quoted the exchange rate at around N1,685/$1, however quotes quickly depreciated as business activities resumed fully.
Checks as of 10am Wednesday December 11, show several rates above the N1,700/$1 mark suggesting that the gains seen last week may have been a temporary.
Some P2P exchanges quoted N1,715/$1 while some IMTOs quoted N1,745.
Stock trading apps like Bamboo and Trove quoted for N1,730/$1 and N1,736/$1 respectively.
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Meanwhile, as at Tuesday, the exchange rate between the naira and dollar in the official market closed at around N1,525/$1 the strongest close since the EFEM was introduced
The disparity between the official and black market rate has now widened to about N200 creating fear of a disconnect between the central bank managed official market and the parallel market where most retail trades occur.
Some BDC operators, are of the view that the weakening is likely the handiwork of speculators who are holding strong despite the introduction of a more robust trading platform by the apex bank.
