Nigeria Today's Naira Rate[10-07-2014]: Naira Plummets to N1,561/$ in Official Market: Lowest in Three Months

The Nigerian naira fell to N1,561 per dollar, its lowest in three months, at the official market. The currency saw fluctuations in both parallel and official markets amid rising external reserves. The Central Bank of Nigeria allows International Oil Companies to sell 50% of repatriated export proceeds to authorized dealers.

On Wednesday, the Nigerian naira weakened to N1,561 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reaching its lowest point in three months. This represents a 1.88% decline from the previous day's rate of N1,532. According to the FMDQ Securities Exchange, the naira hit an intra-day high of N1,585 and a low of N1,475.

In the parallel market, the naira traded at N1,550 per dollar, showing a 0.65% depreciation from N1,540 on July 9. Bureau de change operators quoted the buying rate at N1,530 and the selling rate at N1,550, indicating a profit margin of N20.

Over the past two days, the naira experienced slight fluctuations in both the parallel and official markets. On July 8, the official rate fell to N1,523 from N1,509 on July 5, and further depreciated to N1,532 on July 9. In the parallel market, the naira briefly appreciated to N1,523 per dollar on July 8 from N1,525 on July 5, before declining to N1,540 on July 9.

This depreciation occurred despite an increase in Nigeria's external reserves, which rose to $35.05 billion on July 8, the highest level since May 30, 2023.
Additionally, the Central Bank of Nigeria (CBN) announced that International Oil Companies (IOCs) can now sell up to 50% of their repatriated export proceeds to authorized foreign exchange dealers, aiming to stabilize market and boost liquidity.