Naira reverses gains, slumps to N800/$1 at parallel market

The Naira has dropped in value against the US. Dollar at the parallel market, depreciating to N800/$1, a further drop from Monday’s N780 per dollar performance, after recording its biggest comeback in recent times last week.

Though it dangled around N766-N800 in the parallel market, what this means is that the much-celebrated gain of last week has been significantly erased in a matter of days.

At the official market, Naira followed a similar trend depreciating to 446.67 a dollar.

Data from FMDQ securities where Naira is officially traded showed that Tuesday’s exchange rate represents a 0.15% drop in value when compared with N446 to the dollar it exchanged on Monday.

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During the trading, an exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N446.67.

The Naira sold for as low as N432 to the dollar within the day’s trading.

Investors and Exporters who participated in the market exchanged 84.89 million dollars on Tuesday.

Meanwhile, the Economic and Financial Crimes Commission, EFCC arrested one Mustapha Muhammed alias Mustapha Naira for currency speculation.

EFCC disclosed this on Tuesday while noting that the arrest was part of its ongoing operation to sanitize the foreign exchange sector and rid it of speculators and all shades of economic saboteurs.

According to the commission, Mustapha was picked up by operatives of the Commission on Saturday, November 12, 2022, at Wuse Zone 4, the hub of parallel market operations in the Federal Capital Territory.