News Rain Nigeria reports that the Nigerian currency, naira has fallen to N585 against the dollar at the parallel section of the foreign exchange market.
The figure represents N4 or 0.7 per cent depreciation compared to the N581 it traded last week.
Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke in Lagos on Thursday, said the naira exchanges for N585 to the dollar while they purchase at N578/$1, leaving a gain of N7.
A parallel market (street market or black market) is characterised by noncompliant behaviour with an institutional set of rules.
Since the suspension of trading information by abokiFX — citizens have resorted to street traders for current parallel market rates of the local currency.
However, the Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represents less than one percent of foreign exchange (FX) transactions and should never be used to determine the naira/dollar exchange rate.
On the apex bank’s website, the naira closed at N416.42 to a dollar on the official market.
Next week, the Central Bank of Nigeria (CBN) policy-setting committee will meet to discuss monetary rates and the geopolitical concerns in Europe.
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