The Nigerian naira, on Thursday, weakened to N751 per dollar at the parallel section of the foreign exchange (FX) market amid increased demand.
Bureaux De Change operators, popularly known as ‘abokis’, who spoke to TheCable in Lagos, quoted the buying rate of the greenback at N745 and the selling price at N751 per dollar.
The traders said the FX scarcity intensified last week, explaining that business owners have been trooping to the market.On the official market side, the naira depreciated by 0.06 percent to close at N441.50 to a dollar on Wednesday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.
The Central Bank of Nigeria has consistently maintained that the parallel market represents less than one percent of FX transactions and should never be used to determine the country’s FX rate.of the CBN impacted the naira stability across all markets and created a huge premium between official and parallel market rates.
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