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Naira Depreciates To N1,165/$ At Parallel Market

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The Nigerian naira weakened to N1,165 per dollar in the parallel foreign exchange market on Thursday, a N5 decrease from its value last Tuesday.

Bureau De Change operators that spoke with the Cable in Lagos reported the buying rate of the dollar at N1,155 and the selling rate at N1,165, indicating a N10 profit margin.

In the official market, the naira fell by 0.10 percent, closing at N832.32 to a dollar.

FMDQ Securities Exchange data showed that the naira’s value fluctuated within the day, reaching a high of N1,137 and a low of N700.

Meanwhile, the Supreme Court ruling, on Tuesday, ordered the Central Bank of Nigeria (CBN) to instruct banks to accept both old and redesigned naira notes indefinitely.

This decision comes amid ongoing economic challenges and difficulties in printing sufficient new notes to replace the old ones before the December 31 deadline.

The apex court, in a ruling by a seven-man panel led by Justice Inyang Okoro, on Wednesday, said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

It made the order after hearing an application that was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.