Naira Falls to N390/$1 on Parallel Mkt, Rises on Interbank

Obinna Chima

The naira crashed to N390 to the dollar on the parallel market wednesday, lower than the N382 to a dollar from the previous day.

A currency analyst, who preferred to remain anonymous, blamed the continuing slide of the nation’s currency on the parallel market to demand pressure.

According to him, demand for FX for most of the 41 items that had been excluded from the interbank market was still being met with dollars bought from the parallel market.

The source also attributed the development to the fact that banks that act as agents of international money transfer operators were yet to comply with a Central Bank of Nigeria (CBN) directive instructing them to sell foreign currency remittances to licensed bureau de change (BDC) operators.

On the interbank market, on the other hand, the naira strengthened to N311.03 to the dollar yesterday, higher than the N316.83 to a dollar from the previous day.