The naira has dropped to a new low of N885 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market.
The figure represents a depreciation of N70 or 8.6 percent from the N815 it traded last week.
Speaking yesterday, some Bureaux De Change (BDC) operators said dollar demand has been swelling and putting pressure on the naira.
They put the buying price of the dollar at N860 and the selling price at N885, leaving a N25 profit margin.
“We are selling one dollar for N885 for now. But the price is gradually coming down,” a currency trader in the Ikeja area of Lagos,.
At the official market, the naira appreciated by 0.06 percent to close at N445.50 on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.
The decline of the naira against the greenback at the parallel market intensified sharply after the Central Bank of Nigeria (CBN) announced its plan to redesign the nation’s currency