Naira falls to average of N1,084/$ on increased demand

Naira on Wednesday fell to an average rate of N1,084 per dollar, the lowest ever rate at the parallel market, following increased demand by end users.

This represents 2.26 percent depreciation over N1,060 sold during the morning trading session on Wednesday.

Some street traders sold one dollar at the rate of N1,100, some N1,095 but abokifx quoted dollar at N1,075. One of the traders said on Wednesday that individuals who want to travel for business, school, health and tourism are buying dollars from the street traders because they could not meet their demands from the official market.

The exchange rate gap between the official and parallel market segments of the foreign exchange (FX) market has widened by over 100 percent as naira depreciated across markets on Tuesday and Wednesday.

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Dollar was quoted at N848.12 at the Investors’ and Exporters’ (I&E) forex window. During the FX auction on Tuesday, willing buyers and willing sellers offered the highest bid of N981/$1 and lower bid of N700/$1, data from the FMDQ indicated.

The daily foreign exchange market turnover increased by 211.62 percent to $134.28 million from $43.09 million recorded on Monday.

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Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.