Naira Exchanges For ₦612 Per Dollar At Parallel Market

The Naira on Monday was sold at ₦612 per dollar at the exchange platform, Aboki Forex.

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Naira Exchanges For ₦612 Per Dollar At Parallel Market

The figure represents a 0.8 percent depreciation from the ₦615 it traded the previous week.

Although the Naira gained against the greenback at the Investors and Exporters window, exchanging at ₦430 to the dollar on Friday, the value of the currency has sunk further at the parallel market.

While the Central Bank of Nigeria (CBN) claims that the parallel market does not accurately reflect the country’s exchange rate, Bureaux De Change operators (BDCs) in some parts of Lagos disclosed that they were currently selling at the rate of N620 per dollar.

Aboki Forex gained prominence shortly after a similar website, Aboki FX got axed by governor Godwin Emefiele, for allegedly manipulating the exchange rate at the parallel market.

The naira has continued to depreciate considerably against the dollar over the past months, going from N588 per dollar in May to N620 on Monday.

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