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

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.

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

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Repatriate dollar earnings to reduce pressure on naira, CBN tells private sector | TheCableThe Central Bank of Nigeria (CBN) has called for the repatriation of foreign exchange (FX) earnings through official channels to ease the pressure on the naira. Repatriate at what exchange rate?
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Naira strengthens to N665/$ at parallel market -- days after EFCC raided BDC hub | TheCableThe naira, on Tuesday, sustained its momentum at the parallel market in Lagos, appreciating to N665 per dollar. officialEFCC Not enough. It must be shelved to half of the CBN official rate, if we are to breathe the air of freedom.
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Naira appreciates to N695/$ at parallel market | TheCableThe naira, on Monday, appreciated against the dollar at the parallel section of the foreign exchange market. By now, if President Buhari is proactive, Emefiele should have been booted out. Radarada! Not enough. That's good, but not better
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CBN Reassures Nigerians on Forex As Naira Gains at Parallel Market – THISDAYLIVE
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