Naira Pegged at N680/$1 as Currency’s Depreciation Continues

Osaretin Balogban

The Naira further devalues as it hits N680 per $1 at the parallel section of the foreign exchange market.

According to the Bureaux De Change operators also known as ‘abokis’, the naira has depreciated by N15 or 2.3 percent trading at N680 per dollar in the parallel market.

As of last week, the naira was devalued to N665 per dollar as the buying price and N680 per dollar as the selling price at the street market.

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“Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675. We also have to make our gain. We are buying and selling to make a profit,” a trader at the Ikeja market told The Cable.

However, On the official market, Naira appreciates by 0.53 percent as it closes at N428.75 per dollar as of yesterday. This is according to the FMDQ OTC securities exchange which monitors forex trading in Nigeria.

According to the anti-graft agency, Some Bureaux De Change operators were either hoarding or smuggling foreign currencies out of Nigeria.

The foreign exchange market noted an appreciation of the Naira when the Economic and Financial Crimes Commission (EFCC) overran a Bureaux De Change hub in Abuja, last week.

The commission vouched to apprehend persons and organisations hoarding foreign currencies in key commercial cities such as Kano, Lagos, Port Harcourt, Enugu, and Calabar.

Source: The Nation

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