Naira falls to 801.1/$ at official market

Bisola David
Bisola David
Naira falls to N1,030/$ as speculators react

The naira fell to the dollar by 1.1 per cent on the Investor & Exporter forex window on Wednesday after closing at 801.1/$ at the end of trading.

It had earlier closed at 792.02/$ on Tuesday according to figures obtained from the FMDQ.

The official market recorded a total turnover of $100.18m on Wednesday.

At the parallel market, the naira traded between 1,300/$ and 1,310/$ on Wednesday, influenced by the level of demand in different areas, according to Bureau de Change operators.

A BDC operator who spoke to The PUNCH, Ibrahim Abu, said, “The naira is 1,300/$, but we don’t have it now. The price is determined by the demand and supply.”

Another BDC operator, Sanusi Ibrahim, who spoke to The PUNCH said, “The naira is sold for 1,310/$. We are buying at 1,220/$.”

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