On Tuesday, the naira was trading above N1,300 per dollar on the peer-to-peer cryptocurrency window.
This comes as many traders on the parallel market confirm that the national currency is trading near N1,300 in that segment of the market. On the Binance platform, the naira is currently trading above N1,300 per dollar.
Some Bureau de Change operators told The SOUTHERNROBIN that the quoted value reflects market realities. Magaji Muhammed, an Abuja Bureau de Change seller in Zone 4, stated that the price had risen to N1,300 per dollar.
He said, “We are currently selling for N1,300 per dollar. We are seeing increased demand, which is why. “Despite the CBN’s $2 billion debt repayment, the naira plunges to 1082 per dollar.
Naira
falls to N1089/$ on the official I&E window Why the naira continues to lose value.
Another BDC seller, Abubakar Taura, stated that he could only sell at N1,280 per dollar.
“I can sell for you at N1,280/$ and that is the highest I can go,” Taura went on to say.
While the official market has yet to close, data from the FMDQ OTC Securities Exchange show that the national currency closed trading on Monday at N838.95/$.
The naira’s continued fall is occurring despite the government’s efforts to increase liquidity in the official market. The Nigerian National Petroleum Company Limited recently received $2.25 billion of a $3.3 billion oil-for-cash loan facility from the African Export-Import Bank to increase foreign exchange liquidity.
