October 18, (THEWILL) – Nigeria’s naira closed trading at a record low of N1,100 per dollar on the parallel market on Wednesday according to data from Aboki.fx, an online forex tracking platform.
Lagos street currency traders who spoke to THEWILL on Wednesday evening confirmed that they bought the greenback for N1,095 and sold at N1,100.
“The pressure is high, there is a serious shortage of the dollar and the demand is outstripping supply. It rises every day,” said a currency dealer who spoke on the point of anonymity from the Murtala Muhammed International Airport, Ikeja, Lagos.
On the official window, the naira suffered the second worst depreciation in recent times on Wednesday to close at N790.68 per dollar, according to data from the aggregator, FMDQ platform.
This represents a gain of N57.44 or 6.77 percent after hitting a record low of N848.12/$ on Tuesday, October 17.
The turnover of $134.28 million traded on Tuesday plunged drastically to $69.88 million or 48 percent on Wednesday.
The local currency had swung between an opening rate of N784.82 and spot rate of N986 during the day before settling at N790.68.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
