Home » Economy, Headlines, Naira (Currency) » Again, naira crosses N700/$ mark at parallel market

Again, naira crosses N700/$ mark at parallel market

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.

At the official market, the local currency appreciated 0.08 percent against the dollar to close at N430.33 at the end of the last trading day (Friday), according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N430.33.

It sold for as low as N417 to the dollar within the day’s trading. A total of $82.38 million traded in foreign exchange at the official investors and exporters window.

Recently, the Central Bank of Nigeria (CBN) released $265 million to airlines operating in the country to settle outstanding ticket sales.

The move followed complaints by foreign airlines over their inability to repatriate revenue from Nigeria.

-WITHINNIGERIA

Short URL: https://newnigerianpolitics.com/?p=64279

Posted by on Aug 29 2022. Filed under Economy, Headlines, Naira (Currency). You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Supreme Court affirms Akpabio as APC’s senatorial candidate

Headlines

Army redeploys Major Generals, GOCs [Full List]

Categories

Browse Elections 2023

Featuring Top 5/67 of Elections 2023

2023: Atiku reveals why he took time off to Dubai amid campaigns

Browse Africa & World Politics

Featuring Top 3/2285 of Africa & World Politics

Browse National Politics

Featuring Top 5/1268 of National Politics

What FG should do with Nnamdi Kanu – Falana

Browse NNP Columnists

Featuring Top 10/1528 of NNP Columnists

Knocks as running-mate Kashim Shetima likens Bola Tinubu to late Sani Abacha

Advertisements

FEATURED VIDEOS

He has two planes, where is his company? – Peter Obi asks Tinubu and supporters

ARCHIVES

August 2022
S M T W T F S
« Jul   Sep »
 123456
78910111213
14151617181920
21222324252627
28293031  

© 2023 New Nigerian Politics. All Rights Reserved. Log in - Designed by Gabfire Themes