On Wednesday, the naira fell to N1,135 per dollar in the parallel part of the foreign currency (FX) market.
The amount indicates a N15 or 1.35 percent decline from yesterday’s value of N1,120.
In Lagos, currency dealers known as Bureau De Change operators (BDCs) reported a buying rate of N1,120 and a selling rate of N1,135 per dollar.
“The rate was highly volatile today,” a street trader who identified as Aliyu said.
A parallel market is characterised by noncompliant behaviour with an institutional set of rules
On the official market side, the naira depreciated by 0.55 percent to close at N874.71 to a dollar on Wednesday — from N869.91 on Tuesday.
According to data on FMDQ Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria, the highest price recorded within the day’s trading was N1097.50/$, before it settled at N745/$.
JP Morgan, a US multinational financial services firm, had projected the naira would trade at about N850 to the dollar before the end of 2023.