The Nigerian naira has fallen to an all-time low of N950 to a single dollar at the parallel market on Thursday
The figure represents N53 or 5.9 percent depreciation compared to the N897 it traded earlier this week.
The parallel market dealers are currently unsure of the outcome of prices and as such are predicting further hike.
Bureaux De Change (BDC) operators who spoke on the development on Thursday said that there is high demand for foreign currency in the street market.
The street traders, popularly known as ‘abokis’ put the buying price of the dollar at N935 and the selling price at N950, leaving a profit margin of N15.
Some currency traders in said they are currently buying the local currency at N920/$ and selling it for N940 per dollar.
Nigeria has since 2020 suffered its worse foreign exchange crunch and the Central Bank has devised several unsuccessful forex strategies to improve dollar supply.
More details to follow…
