By Emmanuel Nduka
The Nigerian naira further depreciated at the parallel section of the foreign exchange market o Monday, as it traded at N572 per dollar.
The figure is however higher by N2 or 0.4 percent from the N570 it traded two weeks ago.
Bureaux De Change operators (BDCs) told TheCable in Lagos that the naira exchanges for N570-N572 to the dollar while they purchase at N565/$1, leaving a gain of N7.
Meanwhile, a parallel market is characterised by noncompliant behaviour with an institutional set of rules.
This is even as the Central Bank of Nigeria (CBN)has consistently maintained that the parallel market represents less than one percent of foreign exchange (FX) transactions and should never be used to determine Nigeria’s naira/dollar exchange rate.
The naira depreciated by 0.06 percent at the official market to close at N416.33 last Friday, according to details on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.
