Naira Slumps Further At Parallel Market 

The naira has depreciated further against the dollar at the parallel and official sections of the foreign exchange market.

Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to TheCable on Monday afternoon in Lagos, quoted the naira at N745 to the dollar at the street market.

The figure signifies a depreciation of N5 or 0.7 percent from the N740 it traded over a week ago.

The street traders put the buying price of the dollar at N735 and the selling price at N745, leaving a N10 profit margin.

“Demand is fair. People are not rushing to buy dollars at the moment,” one BDC operator in the Victoria Island area of Lagos told TheCable.