A report by AZA Finance, an Africa-focused provider of currency trading solutions has attributed the pressure facing the naira on the parallel market to diversion of export proceeds away from the approved channels by a lot companies in the country.According to AZA Finance, “Many companies and individuals are diverting export proceeds and remittances away from approved channels while directing unmet dollar demand to the parallel market.
Describing the black market as tainted, he said it only accounts for five per cent of total foreign exchange market share and can’t determine the worth of the naira. Reacting to calls for further devaluation of the currency, Emefiele said Nigeria had depreciated its currency this year by 28 per cent, describing it as “a whopping depreciation compared to depreciation in some countries.”