Naira Falls To N517/$ At Black Market, $522 On Trove

On Wednesday, the naira depreciated against the dollar after steadying at N515/$ for the past one week at the parallel market, also known as the black market.

Nigeria's currency fell 0.39 percent at the close of the market to N517/$ at the black market as demand for dollars increased among end-users who could not get dollars from the bank due to the documentation process.

Also, on Trove, a fintech app used by Nigerians to buy foreign stocks whose account was recently frozen by the CBN, the exchange rate fell as low as N522 for a dollar. Depositors who use the app to purchase shares from the NY Stock Exchange rely on this exchange rate to make conversions. On Bamboo, a similar fintech facing the same predicament, the exchange rate was N518.5/$1.

At the Investors and Exporters (I&E) forex window, naira weakened by 0.06 percent as the dollar was quoted at N411.75k/$ as against N411.50k/$ closed on the previous day, data from the FMDQ indicated.

Currency traders who participated in the trading session on Wednesday maintained bids between N400.00k and N413.00k per dollar.