Yuletide Season: Naira Weakens Against Dollar At Parallel Market

Nigerian naira weakened against the dollar at the parallel market to trade at N570 amid demand for the currency during the yuletide season.

This is a drop of N5 or 0.9 percent from the N565 it traded last week.

Street traders across forex markets in Lagos quoted the rate at N570 to a dollar on Thursday.

A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules.

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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