The Naira continued its free fall on Tuesday exchanging for the dollar in the parallel market at between 1,005/$ and 1,025/$.
The national currency has been on the downward trend since the Central Bank of Nigeria allowed a free float against the dollar and other foreign currencies in June.
According to Bureau de Change operators, the Naira exchanged for the dollar at the parallel market between 1,005/$ and 1,025/$ on Tuesday.
Yusuf Kareem, a BDC operator in Lagos, said: “We bought for N1,005/$ and sold for 1,025/$ on Tuesday. The money is still scarce. The value of the naira has been falling.”
Another BDC operator in Lagos, Musa Yunus, also said: “The naira was traded at 980/$ two weeks ago, but today, it is 1,020/$. We don’t know what will happen tomorrow because it has not been coming down.”
Highlighting the scarcity of the dollar, a BDC operator in Lagos, said: “I am not sure you can buy up to $1,000 from me now because it is not available. We buy at the rate of 1,000/$, but I sell at 1,015/$.”
Also in Abuja, the Assistant Provost, Association of Bureau De Change Operators, Zone 4, Wuse, Abuja, Muhammed Nera, said the rate closed at 1,015/$ on Tuesday.
“As of the close of business, we were buying at N1,010/$ and selling at N1,015/$. But I can’t say what the rates would be tomorrow (today).”
However, on the Investors & Exporters forex window, official figures from the FMDQ showed that the naira fell slightly and closed at 765.83/$ on Tuesday from 765.02/$ on Monday. The official market recorded a total turnover of $60.30million.