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The Nigerian naira is facing yet another depreciation as it tumbles to N1,900 to the dollar at the parallel market. This marks a 9.83 percent decline from the N1,730 recorded just the day before.
Currency traders, also known as Bureau de Change (BDC) operators, are quoting the buying rate at N1,850 and the selling rate at N1,900, leaving a profit margin of N50.
The situation has left traders puzzled, with one trader named Aliyu expressing confusion over the rate and predicting that it will only get more expensive in the coming days.
However, there is a glimmer of hope as the naira recovered to N1,551.24 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), representing a 2.9 percent appreciation from the previous day’s rate of N1,598.54.
Efforts are underway to restore market stability and boost liquidity. The Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) have joined forces to investigate and penalize those involved in illicit activities within the FX market.
This partnership will involve a coordinated effort with key law enforcement agencies, including the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU).
President Bola Tinubu has also announced his administration’s efforts to raise at least $10 billion to increase liquidity, stabilize the naira, and grow the economy.
