I created a topic related to this recently, although the topic is different from this one. This is it:
Dollar rise: EFCC continues crackdown on cryptocurrency platforms, othersOn the thread, I posted about some analysts opinion. Foreign analysts said dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.
An analyst stated another reason which I think might be one of the reasons. He said the parallel rate was ₦950 when the official rate was ₦1001. Some people will buy dollar with naira in parallel market at ₦950 and move it to their bank to sell at official rate of ₦1101. He said it contributed to the price increase.
Although an analyst said the traders on crypto exchanges have started to increase their price again, but which I think is not the reason for the naira price depreciation. These people have even forgotten that official rate is not the same as the parallel rate and the crypto exchange rate. Even in banks, they have slightly different rate.
You can see many people that wants the naira to increase in price to be illiterate when the inflation in the country continue to increase. Beef meet per Kg that was 5000 naira before which we said has become to much expensive is now $6000. What was sold at 2000 naira last year. Inflation is increasing in Nigeria but they do not want dollar rate to increase.
Despite decrease in the price of diesel from ₦1900 to ₦1000 now, and dollar from almost ₦1900 to ₦1001, but now (₦1260 or so), the price of local products is still high.