Naira Falls To N385 Per Dollar At Parallel Market

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Naira was exchanged at N385 per dollar on Monday morning as against the N367 per dollar on Friday.

Naira Falls To N385 Per Dollar At Parallel Market
Naira Falls To N385 Per Dollar At Parallel Market

The currency against the Pounds Sterling continues to cost ₤1/₦474 for sellers and ₤1/₦478 for customers buying.

The US dollar is bought at the parallel market at $1/₦380 and sells for an average of $1/₦385 while Euro is bought for €1/₦400 and sold for €1/₦403.

Recall that the Central Bank of Nigeria announced that it will merge the official rate, the rate for importers and exporters and rate for foreign-exchange bureaus, among others.

“Today we allowed the rate at the importer and exporters (I&E) window to adjust in response to market developments,” said a senior central bank official, confirming the bank changed the rate at the window for foreign investors to 380 naira per dollar from 366 naira per dollar.

Nigeria operates a system of multiple exchange rates in a bid to control demand for dollars. The system, which has been criticized by the International Monetary Fund (IMF), has kept the official rate at about 307 naira per dollar. It uses this to supply cheap foreign exchange to government departments and select companies, including fuel importers.

Adelowo Adegboyega
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