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Naira slides to N683/$ at parallel market as FX demand intensifies | TheCable

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The naira traded at N683 per dollar on Tuesday at the parallel market, popularly called the black market.

August 16, 2022 4:08 PM

They put the buying price of the dollar at N678 and the selling price at N683, leaving a N5 profit margin.“Demand is still high, but we don’t have enough dollars,” a currency trader told TheCable.Godwin Emefiele, CBN governor, said the black market traders turned away from their objectives to become money laundering agent.The apex bank later commissioned deposit money banks to cover the expected demand from the public.

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