The naira fell to N1,300/$ on the parallel market on Tuesday.
As confirmed with the Bureau de Change operators, this comes after it closed trading on the Peer-to-Peer cryptocurrency window at N1,315.3/$1 for the day.
An Abuja Bureau de Change operator in Zone 4, Magaji Muhammed, reported the rate climbed to N1,300/$ on Tuesday.
He replied, “We are currently selling for N1,300 per dollar. We are seeing increased demand, which is why.”
Another BDC operator, 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.”
On the Binance P2P platform, the naira wrapped up at N1,315.3 per $1. According to a blockchain company, Chainalysis.
Nigeria has one of the highest peer-to-peer trading volumes in the cryptocurrency market. According to the FMDQ OTC Securities currency, the naira closed at N878.57/$ on the Investor and Exporter Window of the foreign currency market.
The naira’s ongoing slide comes despite the government’s efforts to increase liquidity in the official market. Dollar supply on the official Investor and Exporter window has plummeted by 89.13% in the last five days, despite recent government measures to increase liquidity in the official market.
On Wednesday, January 10, 2023, foreign exchange turnover on the I&E Window was $242.60 million, which decreased to $26.37 million on Monday 15, 2023.
This is despite the recent revelation that Nigerian National Petroleum Company Limited has received $2.25 billion of a $3.3 billion oil-for-cash loan arrangement from the African Export-Import Bank to increase foreign exchange liquidity.
The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, recently stated that the naira’s parallel market value would fall to N1300/$ in the first quarter of 2024.
He did, however, state, “As the apex bank continues to walk their talk in the second quarter of 2024 in terms of relaxing capital control, clearing backlog, boosting market confidence, and diversifying foreign inflows, we will begin to witness the convergence of official and official market levels.
“Finally, we expect the naira to end in 2024 at N900/$ with the full convergence of both the official and unofficial markets.”
Many Nigerians have reacted to this news:
@julius9292 said, “This price will favour me and my family.”
@raycypherSf tweeted, ” Since 1 USD don turn N1,300, my body rest my spirit bomb.”
@dara_tobi wrote, “So, by afternoon, exactly two months from now, we’ll be at 1, 530 NGN for 1 USD?
