Again, naira crosses N700/$ mark at parallel market

The naira has continued its downward trend, falling to N702 per dollar at the parallel market on Monday.

The figure represents N10 or 1.4 percent depreciation compared to the N692 it traded last week.

Bureaux De Change (BDC) operators in Lagos and Abuja, who spoke to TheCable, said that there is high demand for foreign currency in the street market.

The street traders, popularly known as ‘abokis‘ put the buying price of the dollar at N690 and the selling price at N700-N702, leaving a profit margin of N10-N12.

Last month, the naira weakened to N707 a dollar. It later strengthened to N670 after security operatives raided a BDC hub in Abuja.

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