Naira slides to N683/$ at parallel market as FX demand intensifies


The naira has dropped to N683 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market.

The figure represents a depreciation of N3 or 0.4 percent from the N680 it traded last week.

Bureaux De Change operators who spoke to TheCable on Tuesday said there is still FX scarcity in the market.

They put the buying price of the dollar at N678 and the selling price at N683, leaving a N5 profit margin.

“Demand is still high, but we don’t have enough dollars,” a currency trader told TheCable.

Last year, the Central Bank of Nigeria (CBN) stopped FX allocation to BDC operators.

Godwin Emefiele, CBN Governor, said the black market traders turned away from their objectives to become money laundering agent.

The apex bank later commissioned deposit money banks to cover the expected demand from the public.

The CBN has also consistently maintained that the parallel market represented less than one percent of FX transactions and should never be used to determine Nigeria’s naira/dollar exchange rate.

At the official market, the naira depreciated by 0.09 percent to close at N430 on Monday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.

As part of efforts to halt the downward spiral of the naira against the dollar, the Economic and Financial Crimes Commission (EFCC) clamped down on FX hoarders and BDC operators allegedly mopping up foreign currencies.




Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...




%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica