The Naira falls against the dollar in the parallel market, trading at N1,550

Naira falls against the dollar in the parallel market, trading at N1,550

At the parallel segment of the foreign exchange (FX) market on Wednesday, the value of the Nigerian naira fell to N1,550 against the US dollar. Compared to the N1,520/$ rate released earlier in May, this indicates a 1.95 percent decrease.

A profit margin of N40 was achieved by currency dealers in Lagos, who quoted the buying rate of the naira at N1,510/$ and the selling rate at N1,550/£. By contrast, the naira saw a 4.21 percent increase against the US dollar at the official window, closing at N1,459.02 on Wednesday after having increased from N1,520.4/$ on May 14.

During trading hours, the dollar hit a high of N1,593 and a low of N1,401, according to data from FMDQ Exchange, the platform in charge of the official window.

The foreign exchange market’s daily turnover was $289.14 million, despite the fluctuations. Concerns regarding foreign missions in Nigeria utilizing third parties for foreign exchange transactions have recently been brought to light by the Economic and Financial Crimes Commission (EFCC).

Acting Director of Public Affairs Wilson Uwujaren of the Economic and Financial Crime Commission (EFCC) highlighted the commission’s efforts to stop illegal dollar transactions within Nigeria that are against the law and to counter the abuse of the naira.