The naira experienced a decline to N1,135 per dollar in the parallel foreign exchange (FX) market on Wednesday. This figure reflects a 1.35 percent depreciation compared to its previous rate of N1,120.
Bureau De Change operators (BDCs) in Lagos confirmed the buying rate of the dollar at N1,120 and the selling rate at N1,135 per dollar, indicating heightened volatility in the market.
Parallel markets often operate with less adherence to established regulations, allowing for more fluctuations.
On the official market front, the naira also depreciated by 0.55 percent, closing at N874.71 to a dollar on Wednesday, compared to N869.91 on the previous day.
Data from the FMDQ Securities Exchange, which oversees official foreign-exchange trading in Nigeria, revealed that the highest price reached during the day’s trading was N1,097.50 per dollar, ultimately settling at N745 per dollar.
It’s worth noting that JP Morgan, a prominent US multinational financial services firm, had previously forecasted that the naira would trade at approximately N850 to the dollar by the end of 2023.
