The naira has continued its free fall in the parallel market, depreciating to N815 per dollar in Abuja on Monday.
Bureaux De Change operators in the Wuse area of Abuja, who spoke to TheCable, said the naira was falling rapidly against the greenback amid increased demand by Nigerians.some naira notes and willThe apex bank had explained that it took the decision to reduce excess cash in circulation and check counterfeiting.Meanwhile, currency traders in the Victoria Island area of Lagos quoted the naira at N805 to the dollar at the street market.
At the official market, the naira depreciated by 0.06 percent against the dollar to close at N444.75 on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official FX trading in Nigeria. An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N444.75.
It sold for as low as N438 to the dollar within the day’s trading. A total of $61.89 million was traded in foreign exchange at the official investors and exporters window window.
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