Naira Slides Further At Parallel Market 

The naira has dropped to N683 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market.

The figure represents a depreciation of N3 or 0.4 percent from the N680 it traded last week.

Bureaux De Change operators who spoke to TheCable on Tuesday said there is still FX scarcity in the market.

They put the buying price of the dollar at N678 and the selling price at N683, leaving a N5 profit margin.

“Demand is still high, but we don’t have enough dollars,” a currency trader told TheCable.

-The Cable