Naira Depreciates Against Dollar at Parallel Market

  

The Nigerian naira at the end of business on Monday fell to N351 per dollar at the black market.

The President of the Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said the naira dropped to 351 at the parallel market from between 346 and 348 due to persistent liquidity issue, according to Punch.

“Lack of liquidity in both the interbank and parallel markets is what is affecting the naira exchange rate to the dollar," he said. “Right now, the only thing that the market is scavenging for is the export proceeds. There is a liquidity crisis.”

He also quashed side-talks that demand have shifted away from the parallel market following CBN's floating of the interbank market. “How can demand shift away from the parallel market when you have about 41 items that cannot obtain forex from the official market? You cannot completely kill the black market, you can only formalise it," he said.

The currency also depreciated at the interbank market, exchanging at 282 to the greenback.