The naira dropped to N930 per dollar at the parallel section of the foreign exchange (FX) market on Wednesday, representing a depreciation of N25 or 2.76% compared to the N905 it reported on August 23.
According to Bureaux De Change operators (BDCs), who spoke to TheCable in Lagos on Wednesday, September 13, the plunge was due to the scarcity of the greenback.
The traders put the buying price of the dollar at N925 and the selling price at N930 to make a profit of N5.
A BDC operator by the name Shehu noted: “…even some Nigerians are unable to withdraw forex from the banks.”
He said the lifting of the ban by the Central Bank of Nigeria (CBN) on sales of forex to BDC operators has failed to help resolve the scarcity, as the banks are not selling to the BDCs.
At the official market, the local currency closed at N742.10 on Tuesday, according to data from FMDQ Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria.