Naira Weakens At Parallel Market

The value of the naira depreciated at the unofficial market on Wednesday as it traded at  1,705/dollar, according to Bureau De Change operators in Lagos and Abuja.

A BDC operator in Lagos, Aliyu Sani, told Punch that he sold dollars for N1705, and bought at 1,695/$. In Abuja, the rate was lower at N1,700.

A currency trader,  Suraju Ajao, said that he sold dollars for 1700/$  and bought at 1,690/$.

On the official market, the naira traded at a high of 1,682/$ and a low of 1,562.97/$.

The daily turnover dipped to $177.10 from $217.86m on Tuesday.