The demand on the foreign exchange (FX) market worsened on Wednesday as the naira fell to N1,140/$ at the parallel market. This shows that the country's currency added N110 in just a few hours. On Monday, the naira sold for N1,030/$.
This represents an 8.91% decline against the dollar when compared with how it traded for N1,046.66 on Tuesday.
On Tuesday, naira traded for N1,046.66/$ following the shortage of dollars in the parallel market.
This represents 2.61% (N26.66/$) weaker than N1,030 reported on Monday. BusinessDay reported that the dollar was sold for N1,080 in Festac, N1,030 at the Airport, and in Ibadan, it sold for N1,025/$1.
“Individuals who bring dollars for us have stopped selling because of the way the rate is fluctuating. So there is a slight shortage of dollars and demand is rising,” one of the street traders said.
Read more: https://www.investingport.com/naira-traded-against-the-dollar-for-n1140-at-the-parallel-market/