27 Sep Naira Hits N1,000/$ at Parallel Market
Nigeria naira set a new record on Tuesday, falling to N1,000 against the dollar at the parallel market, on the confirmation of Dr Olayemi Cordorso as the new Central Bank of Nigeria (CBN) Governor by the Senate.
Currency traders in Lagos, also known as Bureaux De Change (BDC) operators, quoted the naira at N1,000/$ at the street market.
The naira, however, gained N18.37 against the dollar at the I&E window where it traded N773.25/$ on Monday with turnover rising to $135.96 million on Tuesday from $64.14 million the previous day.
The traders, on Tuesday, put the buying price of the dollar at N990 and the selling price at N1,000 — leaving a profit margin of N10 .
The figure represents a depreciation of N7 or 0.7 percent from the N993/$ it traded on Monday.
The Senate on Tuesday confirmed the appointment of Olayemi Cardoso as governor of the Central Bank of Nigeria (CBN). The Senate also confirmed the appointments of Emem Usoro, Muhammed Abdullahi-Dattijo, Philip Ikeazor and Bala Bello as deputy governors of the CBN.