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.
-
Football5 days agoAfrica breaks World Cup record with seven teams in knockout stage
-
Comments and Issues7 days agoNorway’s Rowing Celebration Captures The Spirit Of The World Cup
-
Latest1 week agoAlleged xenophobic attack claims life of Malawian street vendor in South Africa
-
Energy7 days agoLeaked court documents allege Shell ignored pipeline safety warnings in Niger Delta
-
Entertainment2 days agoActress Cossy Ojiakor shares flooded home as heavy rainfall wreaks havoc in Lagos
-
Football6 days agoNetherlands to face Morocco, Brazil draw Japan in 2026 World Cup round of 32
-
Energy1 week agoDangote Refinery denies claims of fuel round-tripping through Togo
-
Crime1 week agoFormer Kebbi APC chairman dies in bandits’ captivity