Naira Stable At Parallel Market

Nigerian naira on Monday opened the week’s trading at N570 per dollar at the market – as vice president Yemi Osinbajo called for the devaluation of the currency.

Street traders across forex markets in Lagos quoted the naira at N570 to a dollar.

Since the suspension of trading information by abokiFX — citizens have resorted to street traders for the current parallel market rates of the local currency.

The Central Bank of Nigeria (CBN) had vowed to go after abokiFX and its founder Oniwinde Adedotun over “illegal foreign exchange transactions”.

The move made abokiFX suspended its daily updates of black market rates.

Yusuf, a currency trader at Eko Hotel, said the rate has been stable for a while now.

“We are selling at N570 and buying a N565. I can give you a discount of N1 if you want to change above $1,000,” Yusuf said.

Another currency trader in Ikeja said the rate has been stable in the last one week.

– The Cable