The Naira has faced a fresh decline, losing its recent momentum and dropping to approximately N1,745/$1 in the parallel market.
This sharp depreciation follows a brief recovery last week when the currency traded below N1,600/$1.
Initially, the exchange rate was quoted at around N1,685/$1. However, as business activities resumed, the Naira quickly weakened, indicating that last week’s improvement might have been a temporary rebound, often referred to as a “dead cat bounce.”
As of 10 a.m. on Wednesday, December 11, Nairametrics reported varying exchange rates across platforms. Some P2P exchanges quoted N1,715/$1, while certain IMTOs quoted N1,745/$1. Stock trading apps such as Bamboo and Trove listed rates at N1,730/$1 and N1,736/$1, respectively.
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In contrast, the official exchange rate closed at approximately N1,525/$1 on Tuesday, marking its strongest level since the introduction of the EFEM.
BDC operators have attributed the Naira’s decline to speculators who continue to apply pressure despite the Central Bank of Nigeria’s (CBN) introduction of a more robust trading platform.
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