Naira, on Monday, depreciated to N1,620/$ at the parallel section of the foreign exchange market.

The figure represents N20 or 1.25 percent depreciation compared to the N1,600 it traded on March 1, 2024.

Speaking to TheCable, currency traders in Lagos, also known as bureau de change (BDC) operators, quoted the buying rate of the greenback at N1,580 and the selling price at N1,620 — leaving a profit margin of N40.

At the official window, the naira gained 0.9 percent to trade at N1,534.19/$ on Monday — from N1,548.25 per dollar on March 1.

According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of N1,600.75 and a low of N1,425.35.

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on February 28, 2024, said the naira is undervalued largely due to distortions by perpetrators in the foreign exchange market.

“As and when we come up with these distortions, we will take them off and throw them away and where there are distortions that come about as a result of bad behaviour, we will ensure that those who do it will face the music as a deterrent to ensure that others in future do not take that route,” Cardoso said.



He said the perpetrators confuse the FX market.

treesun:
Naira, on Monday, depreciated to N1,620/$ at the parallel section of the foreign exchange market.

The figure represents N20 or 1.25 percent depreciation compared to the N1,600 it traded on March 1, 2024.

Speaking to TheCable, currency traders in Lagos, also known as bureau de change (BDC) operators, quoted the buying rate of the greenback at N1,580 and the selling price at N1,620 — leaving a profit margin of N40.

At the official window, the naira gained 0.9 percent to trade at N1,534.19/$ on Monday — from N1,548.25 per dollar on March 1.



According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of N1,600.75 and a low of N1,425.35.

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on February 28, 2024, said the naira is undervalued largely due to distortions by perpetrators in the foreign exchange market.

“As and when we come up with these distortions, we will take them off and throw them away and where there are distortions that come about as a result of bad behaviour, we will ensure that those who do it will face the music as a deterrent to ensure that others in future do not take that route,” Cardoso said.



He said the perpetrators confuse the FX market.


https://www.thecable.ng/naira-depreciates-to-n1620-at-parallel-market/amp?/naira-depreciates-to-n1620-at-parallel-market

AllTheWayUp:
Binance is no longer to blame again, the confused and clueless Tinubu and his janja-weed economic team will look for another source to blame for the Naira depreciation

Amotolongbo:
I remember those days when the CBN was blaming AbokiFX for the depreciation

keymatt:
See what Binance CEO has caused our naira! - according abgadorians/bandits who's brain is filled with refuse dump.

nairalanda1:
Naira is going to fall and keep falling until we make manufacturing the basis of our economy like serious nations and also improve tax to gdp ratios as well.

The reason why naira is falling is because the source of our economy is basically oil money. Oil money is dependent on oil prices which never favor us at all. If we want sensible money from oil, we have to have it above 130 dollars , for ten to twenty years running, and crude production increases at the same time

Any oil economy, even the good looking ones, are vulnerable economies. That is Nigeria for you.

Indeed naira has been falling and continues to fall. That it has fallen badly under tinubu regime has a lot to do with the fact that decades of borrowing and bad economics led us here.

We can still make it if we only do manufacturing and export of manufactured goods and allow the free market to operate here.

Or we can go and peg the naira to 200 to one dollar, subsjdisze fuel to 40 naira per liter and pretend we are showing the IMF shege, while we loan and take more loans to maintain the charade

I did not say corruption is not contributing, or that we have a good government..the fact of the naira falling since 1973 is a sign we haven't had good government for decades.

Apc better take the hard decisions and stop bothering about winning

Flets:
TINUBU MUST IMMEDIATELY PEG OFFICIAL RATE AT 850NGN/ USD

THIS IS THE ONLY SOLUTION IN THE IMMEDIATE TERM. ELSE NIGERIANS WILL BESIEGE ASO ROCK IN FEW WEEKS... The hunger is unbearable

LONG TERM PLAN IS TO PROVIDE CONSTANT ELECTRICITY AND ENCOURAGE LOCAL MANUFACTURING

treesun:
Naira, on Monday, depreciated to N1,620/$ at the parallel section of the foreign exchange market.

The figure represents N20 or 1.25 percent depreciation compared to the N1,600 it traded on March 1, 2024.

Speaking to TheCable, currency traders in Lagos, also known as bureau de change (BDC) operators, quoted the buying rate of the greenback at N1,580 and the selling price at N1,620 — leaving a profit margin of N40.

At the official window, the naira gained 0.9 percent to trade at N1,534.19/$ on Monday — from N1,548.25 per dollar on March 1.



According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of N1,600.75 and a low of N1,425.35.

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on February 28, 2024, said the naira is undervalued largely due to distortions by perpetrators in the foreign exchange market.

“As and when we come up with these distortions, we will take them off and throw them away and where there are distortions that come about as a result of bad behaviour, we will ensure that those who do it will face the music as a deterrent to ensure that others in future do not take that route,” Cardoso said.



He said the perpetrators confuse the FX market.


https://www.thecable.ng/naira-depreciates-to-n1620-at-parallel-market/amp?/naira-depreciates-to-n1620-at-parallel-market

AllTheWayUp:
Binance is no longer to blame again, the confused and clueless Tinubu and his janja-weed economic team will look for another source to blame for the Naira depreciation

Massiveglory:
We thought buhari was the lowest we would ever go as a nation.
A desprate drug lord came with his satanic desperation and plunged the nation into great depression.

AllTheWayUp:
Binance is no longer to blame again, the confused and clueless Tinubu and his janja-weed economic team will look for another source to blame for the Naira depreciation

Floky215:


It's Niger Republic that is causing the sinking of the Naira, we need to arrest their military head of state..!


Source- Cardoso CBN

Deogratiasfx:
Let's ban more Crypto companies and increase the fights on BDCs. Dollar must crash to #1. On Jagaban mandate we stand.
Asiwaju till 2031