Exchange rate opens week at N1,380 at parallel market

The exchange rate between the Naira and the Dollar is being quoted as high as N1,380/$1 at the parallel market, a weakening from the N1,280/$1 recorded over the weekend.

The exchange rate strengthened toward the weekend from a month-to-date high of over N1,450/$1 following the sale of forex to BDC operators by the CBN.

However, operators suggest that a demand surge on Monday forced the Naira to take another hit in early hours trading.

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Meanwhile, the official exchange rate also weakened to N1,339/$1 on Friday, the lowest in a month, as demand pressures continue to mount.

The fortune of the naira took a new path as the Economic and Financial Crimes Commission (EFCC) launched an additional offensive against currency traders and online platforms that are manipulating the value of the naira.

However, latest parallel market rates suggest these initial gains may have been eroded as pressures continue to mount on the currency.