Naira Down To N815 At Parallel Market

Spread the love

The free fall of the naira in the parallel market has continued as it depreciated to N815 per dollar in Abuja on Monday, which represents a depreciation of N63 compared to N742 which was traded two weeks ago.

The development comes a few days after the Central Bank of Nigeria (CBN) announced that it has redesigned some naira notes and will start circulating them by December 2022.

According to reports, Bureaux De Change (BDC) operators said the naira was falling rapidly against the greenback amid increased demand by Nigerians.

It added that currency traders in the Victoria Island area of Lagos quoted the naira at N805 to the dollar at the street market.

A BDC operator said, “There is always high demand and no supply. The dollar is just going up every day.

“Importers are not getting dollars from banks. So, they are coming to us.”