Home News Naira falls to record low at parallel market to trade at N581/$

Naira falls to record low at parallel market to trade at N581/$

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Factual Pursuit of Truth for Progress

Naira has dipped to a record low at the peer-to-peer (P2P) parallel market as it trades for as high as N581.1 to a dollar.

At N581.4/$1 it represents a 0.8% decline compared to N576.6/$1 recorded as of the end of the previous week, hitting a record low.

In the meantime, exchange rate at the black market currently trades at $571/$1 same as recorded in the previous trading session.

On the other hand, a look at the official Investors and Exporters window shows that naira closed at N416.33/$1 on Monday representing a marginal appreciation compared to N416.5/$1 recorded on Friday, last week.

In a previous week, a sum of $631.89 million exchanged hands at the official forex market, which is higher than the $442.59 million recorded in the previous week.

Meanwhile, Nigeria’s foreign reserve lost $62.59 million on Monday, January 17, 2022, representing a 0.15% decline to stand at $40.42 billion, increasing the year-to-date loss to $104.27 million.

Note that the P2P forex market is a short form for peer-to-peer, which basically means you are transacting in foreign currencies directly with a dealer from an online platform.

This process does not involve any middleman; hence you will bargain directly with the dealer, who might not be in Nigeria, you transfer Naira to them, and they send the dollar equivalent to you.

It is another form of the parallel market; however, the chances are that the rate could be slightly different from the BDCs (middlemen effect). It could be as a result of a barter too.
A customer could trade with another who needs dollars/pounds, etc.

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