Bad Times For Naira Following N950/$ at Parallel Market

The naira fell to an all-time low of N950 to a single dollar at the parallel market on Thursday afternoon.

The figure represents a N53 or 5.9 percent depreciation compared to the N897 it traded earlier this week.

Bureaux De Change (BDC) operators in Lagos 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 N935 and the selling price at N950, leaving a profit margin of N15.

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