News Formal

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

  • 📰 thecableng
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 80%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Naira falls at official marketNaira fell against the U.S dollar by 0.09 % on Monday.
Source: PremiumTimesng - 🏆 3. / 78 Read more »