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