Business
Naira weakens further against Dollar at parallel market
Nigerian naira, on Friday, fell at the parallel market to N658 per dollar amid higher dollar demand, representing a depreciation of N38 or 6.13 percent from the N620 it traded last week.
Traders put the buying price of the dollar at N640 and the selling price at N658, leaving a profit margin of N18.
A street trader explained that the unpredictability of the market is the reason for the depreciation.
“The thing is this; they don’t give it much of a gap because at any time it can fall. So, by the time you buy higher, and it’s falling, and if it falls, it’s not going to be one or two. It’s going to be 10, 15, or 20 naira drop at a go. So, more reason for the margin,” the trader said.
READ ALSO: Black market holds Naira hostage, hits N645/$1
According to the Central Bank of Nigeria (CBN), the parallel market is not a true reflection of the country’s exchange rate.
At the official market, the buying price stood at N414.72 while the selling price stood at N415.72.
At the end of its monetary policy committee meeting on Tuesday, members urged CBN not to relent in its efforts to encourage foreign exchange inflow to the economy.
-
Latest5 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Football5 days agoPremier League Matchweek 7: Five Fixtures That Could Shape the Weekend
-
Latest4 days agoUmahi defends Lagos-Calabar highway route changes amid public outcry
-
Business3 days agoDangote Refinery IPO: 70% Subscription claim meets fourfold demand assertion as investors seek clarity
-
Business4 days ago
Dangote Refinery IPO Extension: Was the 70% subscription report overhyped?
-
Latest2 days agoUCTH faces morgue crisis as 50 unclaimed corpses await mass burial
-
Featured4 days agoEl-Rufai, ADC governorship candidate’s court appearance puts Kaduna opposition politics in focus
-
Business2 days agoBREAKING: Nigeria’s Inflation Rate Drops to 14.63% in September