Surge In Forex Demand As Naira Now 620/$ at ‘black market

Amid the lingering scarcity of the US currency, the naira, on Thursday, fell to N620 per dollar at the parallel market. 

File Photo: CBN and Dollar Bill

The figure represents a depreciation of N5 or 0.8 per cent from the N615 it traded last week.

‘Black market’ traders known as Bureaux De Change operators said there was increased demand for the dollar by importers at the street market.

The traders, according to TheCable put the buying price of the dollar at N614 and the selling price at N620, leaving a profit margin of N6.

According to the Central Bank of Nigeria, the parallel market, also know as the ‘Black market’ is not a true reflection of the country’s exchange rate.

At the official market, the naira also depreciated by 0.36 per cent to close at 424.58 to a dollar on Wednesday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.