Naira falls to N1, 290/$ in parallel market, slides to N847 in NAFEM

The free fall of the Naira continued yesterday as it fell to N1, 290 to $1 in Abuja and other markets.

A Bureau de Change operator in zone four in Abuja which is reputed for exchange rate hotpot, Adamu Suleiman, said a dollar was bought for N1,250 and sold for N1,290 yesterday as of 5pm.

He said: “There is nothing new to say again. Once there is a scarcity that is biting, the price will continue to go up. It is a function of demand and supply.”

He expressed optimism about the expected fruitful collaboration between the fiscal and monetary authorities that may likely lead to market efficiency and availability.

“As stakeholders in this business, I am happy with the cooperation between the fiscal and monetary authorities. This was absent during the government of Muhammadu Buhari. Since these people in the fiscal and monetary sides know each other for a long time and have worked together at various times together with the President, I think better days are ahead of us,” he stated.

At the official window, NAFEM, the rate shed weight to N847 to the dollar. Indeed, the dip represented 6.93 per cent of N793 it exchanged for on Tuesday.

The dip to N847 is the second lowest the Nigerian currency has traded for after it slipped to N848 earlier this month.

Trading on NAFEM indicated that FX turnover yesterday stood at $88 million, which represented eight per cent of the previous day.