Despite EFCC’s clampdown, Naira drops again from N665/$ to N680/$

The naira, on Wednesday, weakened against the dollar at the parallel section of the foreign exchange market popularly referred to as the Black Market.

Bureaux De Change operators who spoke to TheCable in Lagos, said the Naira depreciated by N15 or 2.3 per cent to trade at N680 per dollar at the street market.

Last week, the naira closed at N665 to a dollar at the street market.

The Bureaux De Change operators put the buying price of the dollar at N665 and the selling price at N680, leaving a profit margin of N15.

They said scarcity has returned to the FX market.

A trader at the Ikeja market told TheCable that, “Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675. We also have to make our gain. We are buying and selling to make a profit.”

On the official market, the naira appreciated by 0.52 per cent to close at N428.75 to a dollar on Tuesday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.