Naira Slumps Further At Parallel Market

September 8, 2022 by Don Saint 0 Comments

The Nigerian naira, on Wednesday, weakened to N707 per dollar at the parallel section of the foreign exchange (FX) market amid increased demand.

The figure represents N5 or 0.7 percent depreciation compared to the N702 it traded a week ago.

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

Currency traders known as Bureaux De Change operators (BDCs), who spoke to TheCable in Lagos, quoted the buying rate of the greenback at N700 and the selling price at N707 per dollar.

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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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