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Naira loses steam, slides to 555/dollar in parallel market

Posted by on November 23, 2021 0


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The local currency, naira, lost steam at the parallel market on Monday and crashed from 535 per dollar on Thursday to 555 per dollar.

The local currency had crashed to 540 per dollar on Friday. Operators on the parallel market, who spoke to our correspondent, said the naira was bought and sold for N550 and N555 respectively.

A week earlier, the naira was bought and sold for N530 and N535.

An operator in the black market attributed the fall to the rise in demand for the  greenback.

At the Investor & Exporter forex window, the naira fell by 0.16 per cent after reaching a high of N445.75 to close at N415.07.

The CBN however maintained N411.63 as its official rate on its website.

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“Naira crashes to N560 at selling rate, N555 at buying rate.

According to currency traders, lack of adequate liquidity in the retail end sector is responsible for the crash in the naira.

“It is a sign that we need to meet the demand in the market. This constitutes a major conflict in activities in the market,” am operator said..

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