Business

Speculators push down naira at parallel market

The activities of illegal forex operators further weakened the naira against the dollar at the parallel market yesterday, as the local currency closed at N550/$1 compared with N545 per dollar last Frida , according to data obtained from abokiFX. com (a website that collates parallel market  rates in Lagos).

 

The naira also fell against the Pound Sterling and the Euro yesterday closing at N750/£ and N636/ respectively compared with N743/£ and N632/ last Friday, according to abokiFX.com.

 

Data obtained from FMDQ also showed that the naira closed weaker at N412.75/$1, at the Investors and Exporters’ (I&E) window yesterday compared with N412.46 per dollar earlier in the day.

 

A forex dealer, who spoke on condition of anonymity, attributed the naira’s decline at the parallel market to the activities of speculators who are trying to undermine the CBN’s new forex policy.

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