Naira Slumps Further At Parallel Market

The naira has depreciated to N615 a dollar at the parallel market ahead of a two-day holiday for Eid-el-Kabir.

The figure represents N1 or 0.2 percent depreciation compared to the N614 it traded last week.

Bureaux De Change (BDC) operators in Lagos told TheCable on Friday that there is high demand for forex at the street market.

The street traders put the buying price of the dollar at N610 and the selling price at N615, leaving a profit margin of N5.

“There is high demand but we don’t have enough dollars. That’s why it is expensive. Most people that buy goods outside the country are buying dollar today. They want to do their transactions today because there won’t be work on Monday and Tuesday,” Alhaji Musa told TheCable.

-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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