Dollar Heading Peacefully To N1,000 At Parallel Market

The pressure on the foreign exchange market continued on Tuesday, with the dollar exchanging at N615 at the parallel market in Lagos and Abuja.

This is even as the percentage of local raw materials sourced by Nigerian manufacturers declined to 52.4 per cent in 2021, from 57.5 per cent obtained in 2020, according to data from the Manufacturers Association of Nigeria.

Punch market research showed that a dollar sold for N613 and N614 at Zone 4 in the Federal Capital Territory, Abuja, but the rate was N615 at Amuwo Odofin and Lagos airports on Tuesday.  At Abuja airports, a dollar was sold for N615. The situation was different at the Importers and Exporters window where a dollar went for N415.64, putting the margin between the official and the parallel markets at N199.36.

Bureau de Change players said dollars were becoming increasingly scarce and the price could get to N700 before the end of the year.

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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