The Nigerian currency, the Naira, took a substantial hit on Monday, May 13, 2024, plummeting to N1,520 per Dollar in the parallel market, showcasing a significant depreciation from the previous rate of N1,470 per Dollar on Friday, May 10, 2024.
The decline represents a 3.4% decrease and highlights ongoing challenges in the foreign exchange market.
Bureau de Change operators set the purchasing rate for Dollars at N1,490 and the selling rate at N1,520, marking a N30 profit margin for transactions.
In contrast, the official market saw the Naira weaken by 0.80%, closing the day at N1,478.11 per Dollar according to the Financial Markets Dealers Quotation (FMDQ) Securities Exchange data. The day’s trading saw fluctuations, with the highest exchange rate at N1,490 and the lowest at N1,322.
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The CBN Governor, Olayemi Cardoso, remains focused on ensuring price and monetary stability, stating that the official foreign exchange market has achieved stabilization.
He said, “Investors previously had a tendency to head for the window in response to currency fluctuations, however, there has been a behavioural shift.
“These investors are increasingly becoming more comfortable with the official market over the parallel market.” He stated.
