Dollar loses value against naira in parallel market, trades at N892

On Tuesday, the US dollar experienced a decline to N892 in the informal segment of the foreign exchange market.

Commencing the day at N930, the dollar maintained this rate until approximately 4:00 pm. It was around this time that information regarding a potential intervention by the Central Bank of Nigeria (CBN) reached the Bureau De Change (BDC) operators.

The news triggered a steady decline, such that by close of the day on Tuesday, the exchange rate had come down to N892 to dollar, but remains volatile.

The CBN had announced plans to take critical decisions to reverse the slide of the naira in the next few days, thereby resulting in significant losses to the speculators.

The acting CBN governor, Folashodun Shonubi, dropped the hint on Monday while briefing State House reporters after a meeting with President Bola Ahmed Tinubu at the Presidential Villa, Abuja.

Checks by our reporters at various locations in Lagos indicated that BDCs are buying at N900 and selling at N910, after touching N970 to the dollar earlier in the day.