After Hike, Naira Loses 1.47% on Black Market

On Wednesday, the naira fell vs the dollar, dropping 1.47 percent on the black market, commonly known as the parallel market.

 On Wednesday, one day after the Central Bank of Nigeria (CBN) increased its monetary policy rate (MPR) by 150 basis points to 26.25 percent for the third time this year, the local currency was quoted at N1,500 per dollar.

 The naira strengthened against the dollar for two days, reaching N1,478 from the parallel market’s fresh peak of N1,530 on May 14, 2024. THE MATRIX was notified by a trader that although the dollar was in high demand, it was not easily accessible in big numbers.

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At the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, the naira appreciated marginally by 0.23 percent as the dollar was quoted at N1,465.68 as against N1,468.99 quoted on Monday according to the data from the FMDQ Securities Exchange Limited.

The intraday high closed at N1,549 per dollar on Tuesday, stronger than N1,556 closed on Monday. The intraday low closed flat at N1,401/$1 compared to N1,400 quoted on Monday.

The daily foreign exchange market turnover increased by 66.14 percent to $268.17 million on Tuesday from $161.41 million recorded on Monday.