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Naira plunges to N400 per dollar at parallel market

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Naira depreciation

Naira depreciation

• Interbank rates’ gap widens to N85

The naira, yesterday, reached a new low of N400 per dollar at the parallel market, as arguments over supply shortage and the “41 excluded items” heightened.

With the ensuing brisk business for parallel market operators, the long-sought harmonisation of interbank and parallel markets’ rates has been challenged again, as the gap widened to about N85, yesterday.

While the interbank market exchange rate closed at N315.06 per dollar, The Guardian’s investigations across Lagos showed an average of N400 per dollar at the parallel market segment.

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The naira, on Wednesday, lost N8, as it exchanged for N390 at the parallel market from N382 on Tuesday.

Similarly, at the interbank market, the local currency ended Tuesday’s transactions at N310.50 per dollar, stronger than Friday’s and Monday’s close of N321.16 and N315.5, respectively.

The naira earlier traded $23m at N280.50 per dollar, rising to a high of N316.50, before adjusting to N310.5.

A currency analyst in the banking system, who pleaded anonymity, has already blamed the continuing slide of the nation’s currency at the parallel market on demand pressure.


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