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Naira depreciates to ₦707 to the dollar at parallel market

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The Nigerian naira, on Wednesday, weakened to N707 per dollar at the parallel section of the foreign exchange (FX) market amid increased demand.

The Nigerian naira, on Wednesday, weakened to ₦707 per dollar at the parallel section of the foreign exchange market amid increased demand.

Currency traders known as Bureaux De Change operators , who spoke to TheCable in Lagos, quoted the buying rate of the greenback at N700 and the selling price at ₦707 per dollar.The Central Bank of Nigeria has consistently maintained that the parallel market represents less than one percent of foreign exchange transactions and should never be used to determine Nigeria’s naira/dollar exchange.

 

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