Nigerian naira, on Friday, fell at the parallel market to ₦658 per dollar amid higher dollar demand.Bureaux De Change operators who spoke to TheCable blamed the depreciation on ongoing foreign exchange supply constraints.
Traders put the buying price of the dollar at ₦640 and the selling price at ₦658, leaving a profit margin of ₦18. A street trader explained that the unpredictability of the market is the reason for the depreciation. “The thing is this; they don’t give it much gap because at any time it can fall. So, by the time you buy higher, and it’s falling, and if it falls, it’s not going to be going be one or two. It’s going to be 10, 15, or 20 naira drop at a go. So, more reason for the margin,” the trader said.
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