The value of the naira has fallen further from N705 to a dollar in the parallel market, findings by OduNews have revealed.
This is as the country continues to suffer a shortage in the supply of the American currency in the foreign exchange (FX) market.
Data obtained from forex dealers in different parts of Lagos, the nation’s commercial hub, showed that the Naira was exchanged on Wednesday at N705 per dollar, while the hard currency was bought from holders between N697/$1 and N700/$1.
BDC operators in the Ijaiye Ojokoro area of Lagos State at about midday today sold for N705/$1.
In Ikeja, the domestic currency was exchanged with the Dollar at N703/$1 and in the Olugbede Model Market in the Egbeda area of the metropolis, it was traded at N700/$1.
In the black market yesterday, the exchange rate of the Naira to the Dollar was N671/$1 but in less than 24 hours, the value has depleted by N34 or 5.07 per cent.
OduNews understands that investors are in panic mode, liquidating their Naira investments to dollars as a result of the recent statements by the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
