Naira Continues Free Fall At Parallel Market

The Nigerian naira has weakened to N577 per dollar at the parallel section of the foreign exchange market.

This represents N5 or 0.9 percent depreciation compared to the N572 it traded last week.

Street traders at the black market in Lagos who spoke to TheCable on Tuesday quoted the buying rate of the greenback at N572 and selling price at N577 per dollar.

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

-The Cable

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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