IBADAN, Nigeria (VOICE OF NAIJA)- Naira appreciated to N665 per dollar at the parallel market on Tuesday, representing a 4.3 percent gain
Currency traders known as Bureaux De Change operators (BDCs) at the Ikeja area of Lagos, who spoke to TheCable, quoted the buying rate of the greenback at N650 and the selling price at N665 per dollar.
On the official market side, the naira appreciated by 0.03 percent to close at N428.88 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.
Recall the dollar which was previously traded at N667/$1 had fallen further by 2.8% to N685.5/$1, as demand for foreign exchange remains elevated amidst sustained scarcity.
The P2P market often traded in small volumes and the unit of exchange is the cryptocurrency USDT, which is a stablecoin that trades 1:1 with the dollar.
Similarly, Bureau De Change operators sold forex at N665/$1 last week Tuesday, indicating continuous nosediving of the local currency.
The nation’s external reserve had also resumed downward movement after it recorded 27 days of consecutive appreciations. However, in the past one week, the external reserve had lost $138.7 million, after five consecutive days of decline.