On Tuesday, the naira was trading above N1,300 per dollar on the peer-to-peer cryptocurrency window.
This comes as several dealers on the parallel market report that the national currency is trading at N1,300 in that part of the market. On the Binance platform, the naira is now trading above N1,300 per dollar.
According to several Bureau de Change Operators, the listed value reflects market reality. Magaji Muhammed, an Abuja Bureau de Change merchant in Zone 4, stated that the price has risen to N1,300 per dollar.
He replied, “We are now selling for N1,300 per dollar. We are seeing more demand, which is why.” Another BDC vendor, Abubakar Taura, stated that he could only sell at N1,280 per dollar.
“I can sell for you at N1,280/$ and that is the highest I can go,” Taura said.
While the official market is yet to close, details from the FMDQ OTC Securities Exchange revealed that the national currency closed trading at N838.95/$ on Monday.
The naira’s continued fall is happening despite efforts by the government to boost liquidity in the official market. Recently, the Nigerian National Petroleum Company Limited got $2.25bn of a $3.3bn oil-for-cash loan facility from the African Export-Import Bank to boost FX liquidity.
