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Naira drops to N680/$ at parallel market despite EFCC’s clampdown | TheCable

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The naira, on Wednesday, weakened against the dollar at the parallel section of the foreign exchange market.

Bureaux De Change operators , popularly known as ‘abokis’, who spoke to TheCable in Lagos, said the local currency depreciated by N15 or 2.3 percent to trade at N680 per dollar at the street market.The street traders put the buying price of the dollar at N665 and the selling price at N680, leaving a profit margin of N15.“Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675.

On the official market, the naira appreciated by 0.52 percent to close at N428.75 to a dollar on Tuesday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.In the past week, the foreign exchange market witnessed appreciation after the Economic and Financial Crimes Commission The anti-graft agency alleged that some BDC operators were mopping up foreign currencies, especially the dollar, to either hoard or smuggle the funds out of Nigeria.

on persons and organisations hoarding foreign currencies across key commercial cities such as Kano, Lagos, Port Harcourt, Enugu and Calabar. Recently, Bismarck Rewane, chief executive officer of Financial Derivatives Company, said the naira is overvalued by 200 percent.

 

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Can d naira just return back to d way it was before apc took over

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