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

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TOP STORY: 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.

 

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We are only seeing parallel rate, what about special rate, pilgrim rate, official rates all this should be brought into one single rate.

No one will talk about it. But when it increase we here how bad Nigeria is

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