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The naira has dropped to around N1,745 per dollar in the parallel market, reversing the brief gains seen last week when it traded below N1,600.
As of Wednesday morning, December 11, checks showed exchange rates above N1,700 on several platforms. Peer-to-peer (P2P) exchanges quoted N1,715/$1, while international money transfer operators (IMTOs) had rates as high as N1,745. Stock trading platforms like Bamboo and Trove listed rates at N1,730/$1 and N1,736/$1, respectively.
In the official market, the naira closed at N1,525/$1 on Tuesday, its strongest level since the Enhanced Foreign Exchange Market (EFEM) began. However, the gap between the official and parallel market rates has widened to about N200, raising concerns about market instability.
Bureau de Change (BDC) operators blamed the naira’s fall on speculators who continue to manipulate the market despite efforts by the Central Bank of Nigeria (CBN) to introduce better trading systems.
