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Naira slides to N748/$ at parallel market | TheCable

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The naira has dropped to N748 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black/street market.

The naira has dropped to N748 per dollar at the parallel section of the foreign exchange market, popularly called the black or street market.Speaking to TheCable on Wednesday morning, Bureaux De Change operators put the buying price of the dollar at N740 and the selling price at N748, leaving an N8 profit margin.“Demand is not much. Maybe because it’s January. People are not rushing to buy dollars to import goods,” said a BDC operator in Victoria Island, Lagos.

The monetary policy committee of the Central Bank of Nigeria is expected to meet next week to determine the trajectory of the nation’s monetary policy and the economy at large.that Godwin Emefiele, CBN governor, resumed duty on Monday after his annual vacation abroad.

 

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