Categories: Business & Brands

BREAKING: Naira Crashes By 2.8% At Parallel Market, See New Exchange Rate

Naira has crashed by  2.8% at Parallel Market, See New Exchange Rate below.

Glamtush reports that the naira, on Friday, depreciated against the dollar at the parallel section of the foreign exchange market.

Bureaux De Change (BDC) operators in Lagos on Friday said that the naira exchanged for N545 per dollar at the street market.

This represents N15 or 2.8 percent depreciation when compared to the N530 it traded last week.

 

A parallel market (street market) is characterised by non-compliant behaviour with an institutional set of rules.

At the close of the market on Friday, figures from the FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria, also showed that the local currency fell at the official market by 0.2 percent to N414.40/$1.

It said the BDCs had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.”

In August, deposit money banks were commissioned by the CBN to cater for legitimate forex demand by citizens.

 

In compliance with the policy, the banks set up teller points for FX transactions in their branches to attend to customers with legitimate demands.

editor

Recent Posts

MultiChoice Fined ₦766m By FG For Privacy Breaches

MultiChoice has been fined ₦766m by the FG for privacy breaches.   Glamtush reports that…

19 hours ago

Ex-Oyo Governor, Rasheed Ladoja, Set To Become 44th Olubadan

Ex-Oyo governor, Rasheed Ladoja, is set to become the 44th Olubadan.     Glamtush reports that…

19 hours ago

Drummers Move To Ladoja’s Home, Signaling Next Olubadan

Drummers have moved to Ladoja’s home, signaling the succession of the next monarch.   Glamtush…

21 hours ago

How Primate Ayodele Foretold Olubadan’s Demise Two Days Ago In WTN 2025/2026

How Primate Ayodele foretold Olubadan’s demise two days ago in his WTN 2025/2026 has surfaced…

1 day ago

Olubadan Oba Olakulehin Dies At 90

Olubadan Oba Olakulehin has died at 90.   Glamtush reports that the Olubadan of Ibadanland,…

1 day ago

Natasha To Resume Senate Duty On Tuesday

Natasha is set to resume her Senate duty on Tuesday.   Glamtush reports that the…

1 day ago