The exchange rate between the naira and dollar slid back to around N1,745/$1 on the parallel market a sharp reversal from the sub N1,600 levels recorded at the end of last week.
An earlier article by Nairametrics quoted the exchange rate at around N1,685/$1, however quotes quickly depreciated as business activities resumed fully.
Checks by Nairametrics as of 10am Wednesday December 11 show several rates above the N1,700/$1 mark suggesting that the gains seen last week may have been a “dead cat bounce” a market terminology for temporary gains.
Some P2P exchanges quoted N1,715/$1 while some IMTOs checked by Nairametrics quoted N1,745. Stock trading apps like Bamboo and Trove quoted for N1,730/$1 and N1,736/$1 respectively.
Meanwhile, the exchange rate between the naira and dollar in the official market closed at around N1,525/$1 on Tuesday the strongest close since the EFEM was introduced.
Thus, the disparity between the official and black market rate has now widened to about N200 creating fear of a disconnect between the central bank managed official market and the parallel market where most retail trades occur.
Some BDC operators who spoke to Nairametrics suggest the weakening is likely the handiwork of speculators who are holding strong despite the introduction of a more robust trading platform by the CBN.
This is a breaking news story, more to follow…..