According to a Bureau De Change operator interviewed by NewsNow, the Naira’s value decreased by N130 against the US dollar in the parallel foreign exchange market on Sunday, dropping from N1,290 to N1,420 within less than 48 hours.
The operator, Mistila Dayyabu, explained that the depreciation was primarily driven by high demand for the dollar. At the parallel market, they were buying at N1,410 per dollar and selling at N1,420 on Sunday, compared to N1,290 on Friday.
While the Naira had shown some appreciation on Friday at both the official and parallel FX markets, it is still facing significant fluctuations despite interventions by the Central Bank of Nigeria.
Between March 26th and April 26th, 2024, the CBN had released FX to Bureau De Change operators three times. Financial analyst Kalu Aja attributed the Naira’s previous appreciation from March to mid-April 2024 to the central bank’s interventions.