The Naira has surpassed the N1,300/$ mark on the Peer-to-Peer cryptocurrency window as reported on Tuesday. Traders in the parallel market have confirmed that the national currency is trading close to N1,300 in this segment, and on the Binance platform, it is quoted above N1,300/$.
Bureau de Change operators corroborated these market realities, with some sellers disclosing that they are currently offering the Naira at N1,300/$. Magaji Muhammed, a Bureau de Change seller in Zone 4, Abuja, mentioned that the price increase is driven by a surge in demand.
He explained, “Currently, we are selling for N1,300/$. We are witnessing more demand, and that’s why.” Another BDC seller, Abubakar Taura, indicated that he could only sell at N1,280 per dollar, stating, “I can sell for you at N1,280/$, and that is the highest I can go.”
While the official market had not closed at the time of the report, details from the FMDQ OTC Securities Exchange revealed that the national currency closed trading at N838.95/$ on the previous day (Monday). Despite government efforts to enhance liquidity in the official market, the Naira continues to depreciate. The Nigerian National Petroleum Company Limited recently secured $2.25 billion of a $3.3 billion oil-for-cash loan facility from the African Export-Import Bank to boost foreign exchange liquidity.