Business
Naira depreciates at parallel market, exchanges for N760/$1
The naira has dropped to N760 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black or street market. The figure represents a depreciation of N20 or 1.1 percent from the N740 it traded two weeks ago.
Bureaux De Change (BDC) operators put the buying price of the dollar at N740 and the selling price at N760, leaving an N20 profit margin.
They said there was low demand for the greenback in the street market.
READ ALSO: Banks suspend transactions via Naira credit, prepaid cards
“Demand is not much. Maybe because it’s January. People are not rushing to buy dollars to import goods,” said a BDC operator in Victoria Island, Lagos.
At the official market, the local currency closed flat against the dollar at N461.50/$ on Tuesday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign exchange trading in Nigeria.
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) is expected to meet next week to determine the trajectory of the nation’s monetary policy and the economy at large.
-
Business1 week agoDangote Refinery IPO: Can small investors really make money from the shares?
-
Business4 days agoCBN reduces MPR by 350bps to 23% in major monetary policy shift
-
Business6 days agoJetour takes T1 adventure SUV experience to Abuja, targets growing Nigerian market
-
Football6 days agoNigeria vs Colombia: Falconets battle for U-20 World Cup semi-final ticket
-
Football1 week agoBreaking:Brighton shocks Arsenal 3-0 as Gunners’ perfect start comes crashing down
-
Football3 days agoSaka: England still carry World Cup scar
-
Comments and Issues5 days agoSometimes, goodwill finds us through the people we love
-
Business6 days agoNMDPRA moves against petrol price gouging as pump prices rise to N1,450