One Dollar Passes The N600 Bridge At Parallel Market

May 21, 2022 by Don Saint 0 Comments

The Nigerian naira, on Friday, weakened to N607 per dollar at the parallel section of the foreign exchange (FX) market amid increased demand.

The figure represents a drop of N7 or 1.2 percent from the N600 it traded earlier this week.

Currency traders known as Bureaux De Change operators (BDCs), who spoke to TheCable in Lagos, quoted the buying rate of the greenback at N598 and the selling price at N607 per dollar.

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

-The Cable

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