Naira has further dropped to 517 against dollar at the parallel market on Wednesday after staying steady at 515/$ recently.
According to FMDQ Group at the Investors and Exporters’ window, the naira weakened by 0.06% to close at 411.75/$ on Wednesday.
The naira had strengthened to 506/$ on August 4 after dropping to 525/$ at the parallel market on July 28, a day after the Central Bank of Nigeria (CBN) stopped foreign exchange sales to Bureaux de Change (BDCs). It had been hovering around 508/$ and 510/$ in recent days.
The CBN Governor, Godwin Emefiele, had on July 27, announced the stoppage of forex sale to corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.
According to reports on Monday, the total forex transactions on FMDQ Securities Exchange rose by about 2.24% last week.
The Exchange said in the forex spot and derivatives markets, the total turnover for the week ended August 13, 2021 was $692.60m, up from $677.44m reported for the previous week.
It said the week-on-week increase in turnover was driven by the 12.31% increase in the forex spot, despite the 24.06% decrease in forex derivatives turnover.
The total value of transactions in the Investors’ & Exporters’ window was $550.14m, representing an increase of 12.31% from $489.85m in the previous week.
According to the Exchange, the average Nigerian Autonomous Foreign Exchange Fixing rate was N411.17/$, compared to N411.16/$ recorded in the previous week, representing a depreciation of the naira against the dollar by 0.003%