Struggling Naira Exchanges For Over N500 At Parallel Market

The naira exchanged to the dollar at 503 at the parallel market on Friday according to the Bureau de Change operators.

Figures obtained from naijbdcs.com, the official website for the licensed BDCs by the Central Bank of Nigeria showed that the naira was bought and sold for 502 and 503.5.

The naira had earlier traded at 504/$ early in July.

At the Investors & Exporter forex window, the naira hit a high of 412.25 but closed at 411.50.

On the CBN’s website, the banking regulator maintained the official rate of the naira to the dollar at 410.18/$.

The CBN had earlier said that it was increasing foreign exchange allocated to banks to meet legitimate needs.

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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