Naira Weakens To 1,233/Dollar At Parallel Market

The naira exchanged to the dollar at 1,233/$ on Monday at the parallel market, according to Bureau de Change operators.

Some BDC operators who spoke to The PUNCH said, the local currency which was bought and sold at 1,228/$ and 1,233/$ had traded at the same rate on Friday.Figures obtained from Abokifx showed that the Pound Sterling was bought and sold at 1,550/ £ and 1,565/ £, while Euro was 1,290/€ and 1,305/€ respectively.A BDC operator in Lagos, Kamarudeen Ibrahim, said, “The naira traded at 1,220/$ a week earlier, but weakened to 1,233/$ by the end of the week.”Another BDC operator, Akeem Yusuf, said, “The naira was sold for 1,233/$ on Friday; Today Monday, it did not change because people are not buying.” The naira weakened slightly at the parallel market by 1.1 per cent or N13.

However, on the Investor & Exporter forex window, the naira appreciated slightly on Friday, according to figures obtained from the FMDQ.The local currency which closed at 889.63/$ on Thursday, appreciated slightly by 0.42 per cent or N3.75 to close at 885.88/$ on Friday.Trading commenced at the official market at N915/$ and reached a high of N1,248/$ before closing at N885.88. The market recorded a total turnover of $92.16m on Friday.

Source:- Punchng