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Naira slides 0.5% to N581/$1 at parallel market | TheCable

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Naira slides 0.5% to N581/$1 at parallel market via thecableng

by abokiFX — citizens have resorted to street traders for the current parallel market rates of the local currency.But 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.Meanwhile, the naira appreciated by 0.04 percent at the official market to close at N416.

Further checks by TheCable showed that the euro has weakened against the naira amid low demand for the currency as worries increased over the impact of the escalating Russia-Ukraine war.Street traders across forex markets in Lagos who spoke to TheCable quoted the rate at N600/€1, depreciating by N20 or 3.2 percent from the N620/€1 it traded last week.

On the apex bank’s website, the local currency closed at N459.6/€1 at the official market on Thursday.

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