Tuesday, January 23, 2024, saw the Nigerian naira continue its downward trend, falling to N1,365 per dollar at the secondary market.
The amount shows a depreciation of N35, or 2.63 percent, from the N1,330 it was worth on January 16, 2024.
The buying price of a dollar is N1,355, and its selling price is N1,365. Currency merchants, often referred to as Bureau De Change (BDC) operators, make a profit margin of N10.
According to Aliyu, a BDC operator in Lagos, there has been a steady rise in demand for the US dollar.
“Demand is increasing for the dollar as we have been recording more purchases,” he said.
At the official section of the foreign exchange market (FX), the local currency gained by 5.05 percent to N878.61 on Tuesday, from N925.3 on Monday.
FMDQ Exchange, a platform that oversees official FX trading in Nigeria, said the naira recorded a high of N1,336.05 and a low of N701.
Meanwhile, the association of Bureau de Change Operators of Nigeria (ABCON), on Tuesday, had said the Economic and Financial Crimes Commission (EFCC) granted its members permission to post exchange rates online.
In a briefing on January 22, 2024, Aminu Gwadabe, ABCON’s president, said the association has been in discussions with relevant agencies to allow BDC operators to import dollars to bolster liquidity in the sector.
