Naira falls by 2.8% to N545/$1 at parallel market

The naira, on Friday, depreciated against the dollar at the parallel section of the foreign exchange market.

Bureaux De Change (BDC) operators in Lagos told TheCable on Friday that the naira exchanged for N545 per dollar at the street market.

This represents N15 or 2.8 percent depreciation when compared to the N530 it traded last week.

A parallel market (street market) is characterised by non-compliant behaviour with an institutional set of rules.

At the close of the market on Friday, figures from the FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria, also showed that the local currency fell at the official market by 0.2 percent to N414.40/$1.

The Central Bank of Nigeria (CBN) has said that the parallel market is not a true reflection of the naira.

The apex bank had, in July, stopped dollar sales to the earlier authorised BDCs.

It said the BDCs had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”.

In August, deposit money banks were commissioned by the CBN to cater for legitimate forex demand by citizens.

In compliance with the policy, the banks set up teller points for FX transactions in their branches to attend to customers with legitimate demands.

  • Related Posts

    Petrol Price Rises By 55% To N1,596/Ltr In May — NBS

      The average retail price of Premium Motor Spirit, commonly known as petrol, rose by 55.31% year-on-year to N1,596.25 per litre in May 2026, from N1,027.76 recorded in May 2025.…

    Nigeria’s inflation rose to 15.93% in May – NBS

      Nigeria’s inflation rate rose to 15.93 per cent in May 2026. This marked the third consecutive monthly increase in the annual inflation rate as food prices continued to pressure…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Venezuela Quake Death Toll More Than Doubles To 589, Over 50,000 Missing

    • By admin
    • June 26, 2026
    • 2 views
    Venezuela Quake Death Toll More Than Doubles To 589, Over 50,000 Missing

    $4.5bn fraud: Emefiele challenges EFCC statements, cites torture, detention

    • By admin
    • June 26, 2026
    • 3 views
    $4.5bn fraud: Emefiele challenges EFCC statements, cites torture, detention

    Two ‘scrap metal scavengers’ killed in Imo explosion

    • By admin
    • June 26, 2026
    • 4 views
    Two ‘scrap metal scavengers’ killed in Imo explosion

    Govt doing everything to ensure I do not contest in 2027 — Obi

    • By admin
    • June 26, 2026
    • 4 views
    Govt doing everything to ensure I do not contest in 2027 — Obi

    NDC rejects court order voiding its registration, heads to appeal court

    • By admin
    • June 26, 2026
    • 5 views
    NDC rejects court order voiding its registration, heads to appeal court

    Court sets aside judgment recognising NDC as political party

    • By admin
    • June 26, 2026
    • 5 views
    Court sets aside judgment recognising NDC as political party