
Nigerian naira has dropped to N585 against the dollar at the parallel section of the foreign exchange market.
The figure represents N4 or 0.7 percent depreciation compared to the N581 it traded last week.
Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to TheCable in Lagos on Wednesday, said the naira exchanges for N585 to the dollar while they purchase at N578/$1, leaving a gain of N7.
A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules.
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