Naira drops to N570/$1 at parallel market amid high FX demand

A parallel market is characterised by noncompliant behaviour with an institutional set of rules. has consistently maintained that the parallel market represented less than one percent of foreign exchange transactions and should never be used to determine Nigeria’s naira/dollar exchange rate.

At the official market, the currency appreciated by 0.06 percent to open at N413.79 against N415/ a dollar on Wednesday, according to details on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria. Traders said the naira could come under pressure next week on the unofficial market where it trades more freely as outbound travel and businesses resume,“I expect a bit of demand next week, which could push naira down,” Reuters quoted a trader as saying.

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Naira drops to N570/$1 at parallel market | TheCableThe Nigerian naira weakened further against the dollar at the parallel market on Thursday to trade at N570 per dollar
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Fuente: PremiumTimesng - 🏆 3. / 78 Leer más »