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Naira Depreciates To N950/$ In Parallel Market

The Nigerian naira experienced a decline, reaching a rate of N950 per dollar in the unofficial parallel market yesterday. This marked the lowest point since the Central Bank of Nigeria (CBN) implemented foreign exchange market reforms on June 14th.

Information obtained from black market traders revealed that the parallel market exchange rate increased by N23, moving from N927 per dollar on Wednesday to N950 per dollar, primarily due to a growing scarcity of the dollar amidst high demand.

Similarly, in the Investors and Exporters (I&E) window, the naira depreciated to N780 per dollar, with the indicative exchange rate for this window rising by N21.88 from N758.12 per dollar on Wednesday. Consequently, the gap between the official and parallel market exchange rates widened to N170 per dollar from N168.88 per dollar on Wednesday.

Since the CBN’s reforms on June 14, which included the removal of multiple exchange rates in the official market and the introduction of the ‘willing buyer willing seller’ model for exchange rate determination in the I&E window, the naira has been consistently declining in the forex market. Information gathered from forex market sources indicates that the CBN’s measures have not yet generated enough supply to meet the growing demand for dollars in the economy.

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