Naira falls further to N614/$ at ‘black market’

The Nigerian currency has dropped to N614 against the dollar at the parallel section of the foreign exchange market, popularly known as ‘black market.’

The figure signifies a depreciation of N7 or 1.2 per cent compared to the N607 it traded last two weeks, according to The Cable.

Bureaux De Change operators, also known as ‘abokis’, who spoke to TheCable in Lagos on Tuesday, said they purchase the Dollars at N608/$, make a gain of N6, and then sell at N614.

At the official market, the naira also depreciated by 0.21 per cent to close at N421/$ on Monday, according to information obtained from FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading.