Naira hits 620/$ at parallel market amid surge in FX demand | TheCable

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The naira, on Thursday, weakened to N620 per dollar at the parallel market amid the lingering scarcity of the greenback in the country.

July 14, 2022 4:26 PM

The naira, on Thursday, fell to N620 per dollar at the parallel market amid the lingering scarcity of the greenback.Currency traders known as Bureaux De Change operators , who spoke to TheCable in Lagos, said there was increased demand for the dollar by importers at the street market. The traders put the buying price of the dollar at N614 and the selling price at N620, leaving a profit margin of N5.According to the Central Bank of Nigeria , the parallel market is not a true reflection of the country’s exchange rate.

At the official market, checks by TheCable showed that the naira also depreciated by 0.36 percent to close at 424.58 to a dollar on Wednesday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.Advertisement

 

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BTC up☝️/NGN down👇 BTC down 👇/ NGN up ☝️

E go reach 1000/$ before Buhari leaves and some people are still gon vote a drug Lord in. People never learn.

We don suffer 😭😭

Poor getting poorer while the rich, richer

God help us

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