
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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