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.

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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