Business
Naira falls by 2.8% to N545/$1 at parallel market
The naira, yesterday, depreciated against the dollar at the parallel section of the foreign exchange market.
Bureaux De Change (BDC) operators in Lagos told newsmen yesterday that the naira exchanged for N545 per dollar at the street market.
This represents N15 or 2.8 percent depreciation when compared to the N530 it traded last week.
A parallel market (street market) is characterised by non-compliant behaviour with an institutional set of rules.
At the close of the market on Friday, figures from the FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria, also showed that the local currency fell at the official market by 0.2 percent to N414.40/$1.
The Central Bank of Nigeria (CBN) has said that the parallel market is not a true reflection of the naira.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
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