Naira Depreciates To ₦1,320 per Dollar In Parallel Market

The Nigerian naira experienced a decline in value against the US dollar, reaching ₦1,320 per dollar at the parallel section of the foreign exchange (FX) market on Friday.

This represents a depreciation of 1.54 percent compared to the rate of ₦1,300/$ recorded on April 24.

Currency traders, operating as bureau de change (BDC) operators, quoted the buying rate at ₦1,260 and the selling price at ₦1,320, indicating a profit margin of ₦60.

Similarly, at the official window, the naira depreciated by 2.24 percent to ₦1,339.23 against the dollar on Friday, down from ₦1,309.88 on April 25.

According to data from FMDQ Exchange, the platform overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), during the period, the dollar was sold at highs of ₦1,410 and lows of ₦1,051.

The latest developments in the foreign exchange market coincide with calls from stakeholders for government intervention to strengthen the naira and stimulate economic growth in Nigeria.

The president of the Abuja Chamber of Commerce and Industry (ACCI), Emeka Obegolu, recently emphasized the need for policies aimed at bolstering the national currency and fostering economic prosperity.

“We are here to brainstorm innovative strategies for strengthening the naira, assessing progress, identifying challenges, and formulating practical solutions,” stated Obegolu during a recent roundtable discussion.

He pledged to ensure that the recommendations from the deliberations are effectively communicated to relevant authorities for implementation, underscoring the importance of collaborative efforts to address currency volatility and support sustainable economic development in Nigeria.