Naira under fresh pressure, ends September at N1,705/$ in parallel market

Oct. 1, 2024 - Vanguard

By Elizabeth AdegbesanThere are indications that the nation’s currency has come under fresh demand pressure in the parallel market with significant depreciation recorded in the past week. Yesterday, parallel market dealers traded at N1,705/ $1.

00 down from N1,655/$1.00 a week ago, with sustained day-to-day slide.

Dealers in the parallel market told Vanguard that there was an indication of supply shortfalls in the past two weeks which may have sparked the depreciation in the market. In a surprising positive trend, the Naira closed last year in the parallel market at N1,215/$1.

00, after it had previously hit N1,800/$1.0 quarter average in the third quarter of 2023.

The local currency further resumed the new year 2024 in a positive trend with an appreciation at N1,220/$1.0.

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