Naira’s Free Fall Continues At Parallel Market

The naira, on Tuesday, fell to N692 per dollar at the parallel market amid the lingering scarcity of the greenback.

The figure signifies a depreciation of N9 or 1.3 percent compared to the N683 it traded last week.

Bureaux De Change operators (BDCs) to TheCable that they purchase the greenback at N685/$, make a gain of N7 and then sell at N692.

According to the traders, the persistent naira depreciation is due to increased demand by customers and the scarcity of the dollar.

-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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