Naira bastardized and hits all time low…Exchanges for N980 at parallel market

Naira on Wednesday fell to a record low of N980 per dollar on rising demand for dollars at the parallel market, popularly known as the black market.

Naira depreciation was attributed to strong demand for dollars by individuals travelling for business, school, medical or tourism.

At the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official FX market, naira fell by 0.34 percent as the dollar was quoted at N776.60 on Tuesday compared to N773.98/$1 on Monday, data from the FMDQ indicated.

At the money market, the Nigerian treasury bills secondary market closed on a mildly negative note on Tuesday with the average yield across the curve increasing by 1 basis point to 7.17 percent from 7.16 percent on the previous day, according to a report by FSDH Research.

Tinubu while taking over in May 29 met dollar at N750 per dollar while Buhari in taking over in 2015 met dollar exchanging for N185 to a dollar.