Naira records three month low of N1,530 on parallel market

The naira on Monday hit three month-low of N1,530 per dollar on the parallel market, also known as the black market, following renewed pressure on demand for the greenback by the end users.

This represents 0.65 percent (N10) lost compared to N1,520 quoted on Friday on the black market. The local currency was quoted at N1,570 per dollar on March 19, 2024 according to data collated from online data collation platforms and street traders.

“The dollar’s value has risen due to increased demand from travelers and importers. Currently, we purchase dollars at N1,520 and sell them at N1,530,” a street trader in Lagos informed BusinessDay on Monday.

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On the official Foreign Exchange (FX) market the naira gained 0.70 percent on Friday as the five days trading week ended calmly.

After trading on Friday, the dollar was quoted at N1,509.67 compared to N1,520.24 quoted on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.

The dollar supplied by willing buyers and willing sellers decreased by 32.64 percent to $116.88 million on Friday from $173.51 million recorded on Thursday.

The intraday high closed at N1,535 on Friday as against N1,550 closed on Thursday, while the intraday low was quoted at N1,450 on the same day compared to N1,430 quoted Thursday.

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.