Naira Slides Further At Parallel Market 

The naira has dropped to N748 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black or street market.

The figure represents a depreciation of N8 or 1.1 percent from the N740 it traded two weeks ago.

Speaking to TheCable on Wednesday morning, Bureaux De Change (BDC) operators put the buying price of the dollar at N740 and the selling price at N748, leaving an N8 profit margin.

They said there was low demand for the greenback in the street market.

“Demand is not much. Maybe because it’s January. People are not rushing to buy dollars to import goods,” said a BDC operator in Victoria Island, Lagos.

-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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