Business
Naira collapses to N702/$ at parallel market
The Nigerian naira, on Monday, stepped up its downward trend, dropping to N702 per dollar on the parallel market.
The figure represents N10 or 1.4 percent depreciation compared to the N692 it traded last week.
Bureaux De Change (BDC) operators in Lagos and Abuja attributed the drop to the high demand for foreign currency in the street market.
The street traders, popularly known as ‘abokis‘ put the buying price of the dollar at N690 and the selling price at N700-N702, leaving a profit margin of N10-N12.
Meanwhile, the local currency is still displaying an exchange of N697 to the dollar on online platform, Aboki Forex.
Last month, the naira weakened to N707 a dollar. It later strengthened to N670 after security operatives raided a BDC hub in Abuja.
-
Latest5 days agoUS Immigration fees rise from October 16 as USCIS announces new charges
-
Latest9 hours agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Business5 days agoNigeria’s $55bn reserves raise fresh questions over naira value
-
Health4 days agoFlorida sues Pfizer over deceptive COVID-19 vaccine marketing
-
![Edo Special Court sentences four kidnappers to death over woman’s abduction [VIDEO]](https://nationaldailyng.com/wp-content/uploads/2026/09/828831764_1099651439663438_3480600082081067427_n-400x240.jpg)
![Edo Special Court sentences four kidnappers to death over woman’s abduction [VIDEO]](https://nationaldailyng.com/wp-content/uploads/2026/09/828831764_1099651439663438_3480600082081067427_n-80x80.jpg)
Crime1 week agoEdo Special Court sentences four kidnappers to death over woman’s abduction [VIDEO]
-
Business6 days agoTuoyo Erikowa wins digital marketing personality of the Year at 2026 EDGE awards
-
Crime4 days agoFrom camp to captivity: How kidnappers now target NYSC Corps members on highways
-
Featured5 days ago2027: Can Nigeria’s opposition still unite behind a single presidential candidate?