By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
P9O Newsletter
Join Us!

Subscribe to our newsletter and never miss our investigative stories, breaking news, podcasts etc..

Zero spam, Unsubscribe at any time.
  • Home
  • Nigeria
  • Politics
  • Metro
  • World
  • Lifestlye
  • Football
  • 2023 Election
Reading: Naira hits N751 per dollar at parallel market
Prime 9ja Online
Prime 9ja Online Prime 9ja Online
Aa
  • Africa
  • Business
  • Football
  • Metro
  • Nigeria
  • Opinion
  • Politics
  • Technology
Search
  • Categories
  • _Football
  • _Lifestyle
  • _World
  • _Metro
  • _Politics
  • _Nigeria
  • Pages
  • _About Us
  • _Contact Us
  • _Privacy Policy
Follow Us
Finance

Naira hits N751 per dollar at parallel market

On Thursday, strong demand caused the Nigerian naira to decline to N751 per dollar at the parallel foreign exchange (FX) market. When compar...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief October 20, 2022
Updated October 20, 2022 at 4:29 PM
Share
Naira hits N751 per dollar at parallel market
SHARE
Naira hits N751 per dollar at parallel market
On Thursday, strong demand caused the Nigerian naira to decline to N751 per dollar at the parallel foreign exchange (FX) market.

When compared to the N742 it traded for a week earlier, the result reflects a N9 or 1.2 percent devaluation.

Operators of Bureaux De Change (BDC), also known as "abokis," who were contacted in Lagos stated that the buying rate for the dollar was N745 and the selling rate was N751.

The traders claimed that the FX shortage worsened last week as a result of the influx of business owners into the market.

According to information on FMDQ OTC Securities Exchange, a platform that regulates official foreign exchange trading in Nigeria, the naira declined by 0.06 percent on the official market to close at N441.50 to a dollar on Wednesday.

The Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represents less than one percent of FX transactions and should never be used to determine the country’s FX rate.

Recently, the Association of Bureau De Change Operators of Nigeria (ABCON) said the “unorthodox” foreign exchange policy of the CBN impacted the naira stability across all markets and created a huge premium between official and parallel market rates.

“I am not a prophet of doom and student of continuing naira depreciation, but except fundamental goodwill and courage is demonstrated, the naira will continue to suffer loss in exchange for the greenbacks,” Aminu Gwadabe, ABCON president, had said.
Tags: Finance

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook WhatsApp TwitterEmail Print

You Might Also Like

Facebook Like
Twitter Follow
Pinterest Pin
Telegram Subscribe
Prime 9ja Online

Subscribe to our newsletter to receive our latest updates instantly on your email.

About

  • About Us
  • Privacy Policy
  • Terms
  • Disclaimer
  • Fact-Checking Policy
  • Code of Ethics
  • Corrections and Correctives
  • Editorial Integrity
  • Ethical Conduct
  • Funding

Connect

  • Contact Us
  • Advertise
  • Submit a Tip

© 2025 Prime 9ja Online Media - All Rights Reserved.

Follow Us