The naira plummeted to another record low of N930/$1 at the parallel market on Thursday, August 10, 2023, as the demand for dollar by importers and other end-users far outstrips supply.
This is further compounded by apparent non-intervention by the Central Bank of Nigeria (CBN) and the lack of a price control mechanism.
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Operators who spoke to our source quoted rates as high as N930/$1 as against the N910/$1 that was quoted on Wednesday as they continue to continue to lament the scarcity of dollars amid higher demand.
They said they buy at N920/$1 and then sell at N930/$1, leaving a profit margin of at least N10.
The naira has now weakened by 18.7% since the beginning of August at the parallel market. The exchange rate weakened by 11.5% in the whole of July 2023.
Quotes for the British Pounds and Euro also rose to as high as N1,175 and N975 to the dollar respectively as of Thursday.
The high exchange rate is due to low supply as most people with the dollars are not selling and most of the supplies are from diaspora remittances from individuals who sell their forex at whatever rate they like.’’
Although the exchange rate depreciated by 3.18% at the I&E window when compared to the N757.51/$1 that it traded on Tuesday, August 8th, the disparity still remains high at N147.62, which is still one of the widest since the unification of the naira on June 14th, 2023.