Check exchange rate of Naira at the parallel market today

– Naira falls at the parallel market today due to high demand for dollars

– Naira exchanges for dollar at the rate N318 

The Naira on Wednesday, February 10 fell at the parallel market due to strong demand for dollars from importers amid dwindling liquidity.

”We have demand coming from importers (paying) …their due obligations, while dollar supply has dried up,” Aminu Gwadabe, head of the association of bureau de change operators confirmed.

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Naira exchanged at N318 to the dollar at the parallel market having closed at N312 the previous day.

While the Naira was stable around N197 at the official inter bank window, stock index climbed to 24,000 points for the first time in almost a month.

The Naira has been under severe pressure due to falling global oil price as Nigeria’s foreign exchange reserves down to a more than 11-year low.

The country records its highest stock exchange index since Jan 8 and gained 0.64 percent to 24,135 points as against figure recorded in January when it fell to 23,000 points from around 27,000.

According to Reuters, gains in the shares of petroleum firms Seplat and Mobil help lifted the market rising between 4 percent and 5 percent.

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