All is not well with the Naira in the parallel market as foreign exchange demand increases, the naira has continued on a free fall as N620 was exchanged for $1 dollar amidst scarcity of dollars. Accordingly, the figure represents a depreciation of N5 or 0.8% from the N615 it traded throughout last week. Source from Bureau De Change (BDC) told our correspondent that the demand for the USD has continued by importers who are finding it difficult to obtain from the official sources.
One of the BDC operators who identified his name as Baba Haladu reliably told Vigil360 that they buy at N615 or less depending on bargaining power and sell at N620 to make a gain of N5 per dollar.
Although the Central bank of Nigeria has argued that the parallel market cannot be used as the official exchange rate of the dollar in the country, that is what is obtainable in the market and the people who move the market.
According to FMDQ OTC securities, however, at the official market, it was learned that the naira also depreciated by about 0.36 percent to close at N424.58 to a dollar yesterday.
Although, experts revealed that the unabated crisis going on between Russia-Ukraine is the major cause of inflation around the world which has created uncertainties around every business.
For the first time in 20 years two days ago, Euro fell to parity with the dollar for the first time, and this means that the dollar and the Euro have the same value.
The euro is the official currency of 19 of the 27 member states of the European Union (EU).
According to our correspondence, however, the Euro was being exchanged for N622 at the parallel market in Nigeria.
