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Ireland Faced with the fall of Naira, Nigeria tackles the parallel market

05:05  19 september  2021
05:05  19 september  2021 Source:   rfi.fr

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The Nigerian Naira on Thursday, January 5, weakened against the American Dollar at the parallel market for the first time in 2017. But according to currency traders, the Naira is set to witness another round of decline against the dollar in the coming days ahead. This is because the expected increase in dollar flows from Nigerians living abroad coming home for holidays fell short of expectations. “We see the naira depreciating against the dollar by the time more businesses resume operations next week after the festive season as dollar liquidity remains thin in the market ,” one

The Naira on Thursday dipped further at the parallel market in Lagos against the dollar. Trading at the official Investors and Exporters window saw the Naira closing at N410 to the dollar as at Wednesday, while the Pound Sterling and the Euro closed at N567.67 and N485.53, respectively. Data from the CBN also showed the Naira exchanged at 0.739 Kobo to the CFA.

Des billets de naira, la monnaie nigériane, le 20 octobre 2015. © AP - Sunday Alamba Naira tickets, the Nigerian currency, October 20, 2015.

Nigerian National Currency, Naira, is In free fall on the parallel market since the central bank has ceased to sell foreign currencies at the foreign exchange offices at the end of July. While the exchange rate on the official market is maintained at 411 Nairas for 1 dollar, it fell up to 470 Nairas for 1 dollar in recent days. To try to stem the collapse of the national currency, the central bank of Nigeria has still hardened the tone this week.

with our corresponding to Lagos, Liza Fabbian


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The Naira on Thursday dipped further at the parallel market in Lagos against the dollar. It lost N6 from N562 traded on Wednesday to exchange at N568 to the dollar, while the Pound Sterling and the Euro closed at N774 and N660, respectively. Trading at the official Investors and Exporters window saw the Naira closing…

The Naira on Wednesday fell further to N492 to a dollar at the parallel market , from N490 it closed on Tuesday. The Pound Sterling and the Euro closed at N605 and N505 respectively. Against the backdrop of the call for the abolition of the parallel market , Alhaji Aminu Gwadabe, President Bureau De Change Operators of Nigeria (ABCON) said it was a welcome development.

This is a reference tool that is in the viewfinder of the Nigerian authorities: The ABOKI FX website, which since 2014, gives exchange rates in the parallel currency market. The Central Bank of Nigeria accuses the founder of the site to manipulate exchange rates, which would result in "killing" the Nigerian economy, according to the governor of the banking institution.

In a statement, the founder of Aboki FX has totally denied these charges. But he still suspended the activities of his website "until further notice", saying hope that it allows an appreciation of the Naira in the coming days.

The central bank, which refuses to recognize a different exchange rate from the one it applies, has still had to devalue the national currency three times since March 2020, to cope with the fall of the price of the barrel of oil. The shortage of dollars in Nigeria grows more and more individuals and companies to the parallel market, still accentuating the gap between official and unofficial exchange rates.

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