Following the hike in pump prices of Petroleum products, the naira has drastically fallen against the United Stae dollar in parallel markets.

As at yesterday, the dollar was exchanged at the rate of N365 to a dollar at parallel markets as fuel price hits N145 per litre, Daily Trust Newspaper confirms from Bureau De Change operators

As reported by Daily Trust, a source, who craved anonymity, recounted how the exchange rate spiked said, before news broke that the new fuel price will be N145 per liter on Wednesday, a dollar was bought at the rate of N320 and sold at N323. But when the news went public by the evening, the dollar became scarce. 

By Thursday, the dollar was exchanging at N324 or N325 and sold at N330. But by the evening, it was bought at N330 and sold N340, Daily Trust gathered. However, there was no established standard buying price by yesterday morning and before evening, the dollar was selling at N363.  

On why the exchanged rate rose, one of our sources said: “The information we got was that government has authorised businessmen to source for their own forex to import fuel and not sell above N145 per liter.” He added that many people were leaving the foreign exchange business because their primary source of forex was from the government. 

“We buy from government and sell in the industry. Now the business is not thriving and many of us, including myself have gone into other businesses. I only do business with those that call me to find out about the market and I get my commission. The business is no longer attractive. It is a saturated market.” he said.

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