Naira exchanges at N472 to dollar at parallel market

The market turnover at the window stood at 38.72 million dollars.

In his reaction to the fall of the naira at the parallel market, Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University Ago-Iwoye, Ogun, attributed the volatility to the antics of currency speculators. Mr Tella, a professor, said speculators had huge funds for various currencies for the purpose of speculating for future returns.NAN reports that since the COVID-19 pandemic, the country has been struggling to sell its oil at the international market.

Foreign exchange earned from such sales are used by the apex bank in the defence of the naira at the FX market.

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