Naira Falls To N560/$1 At parallel Market After MPC Meeting

Naira Falls To N560/$1 At parallel Market After MPC Meeting

The value of the Naira declined further against the dollar at the parallel market on Wednesday as it traded at N560 to a UD dollar.

Wednesday’s market value of the local currency shows that the Naira has so far shed N15 or 2.8 percent when compared to the N545 it sold for last week.

It was gathered from bureaux de change operators across forex markets in Lagos on Wednesday quoted that the Naira would exchange for N560 to a US dollar.

They noted that the naira has been on a spiral against the greenback over the past week.

Meanwhile, the Naira which resumed trading at an indicative price of N413.82/$1 fell by 0.3 percent at the official market to close at N415.07 on Wednesday,

This is according to details on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

An exchange rate of N450.50 to a dollar on the spot was the highest rate recorded during intra-day trading while it sold for as low as N404/$1.

The Central Bank of Nigeria (CBN) has always argued that the parallel market does not reflect the true value of the naira.

Meanwhile, the CBN monetary policy committee (MPC) meeting on Tuesday, voted to retain all monetary policy rates.

The governor of the apex bank, Godwin Emefiele, who briefed journalist after the end of the meeting, shelved talks about the exchange rates as continued calls by the Association of Bureaux De Change (BDC) operators to lift ban.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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