Follow Us on Google
The Nigerian naira weakened to N577 per dollar at the parallel section of the foreign exchange market.
This represents N5 or 0.9 percent depreciation compared to the N572 it traded last week.
Traders at the black market spots in Lagos who spoke on the development on yesterday quoted the buying rate of the dollar at N572 and selling price at N577 per dollar.
A parallel market is an informal market for foreign exchange by buyers and sellers outside institutional set of rules by banking sector regulators.
The Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represented less than one percent of foreign exchange (FX) transactions and should never be used be used as basis for assessing Naira/Dollar exchange rate.
At the official market side, the naira appreciated 0.16 percent to close at N416.67 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.
Last week, Godwin Emefiele, CBN Governor, said the apex bank will stop sale of foreign exchange to commercial banks by the end of the year to enable them source for themselves.
