THE CABLE
The naira, on Wednesday, depreciated to N930 per dollar at the parallel section of the foreign exchange (FX) market.
The figure represents a depreciation of N25 or 2.76 percent compared to the N905 it reported on August 23.
Currency traders known as Bureaux De Change operators (BDCs), who spoke to TheCable in the Ikeja area of Lagos, said the plunge was due to scarcity of the greenback.
The traders put the buying price of the dollar at N925 and the selling price at N930 — leaving a profit margin of N5.
A BDC operator, who simply identified as Shehu, said “even some Nigerians are unable to withdraw forex from the banks”.
He said the lifting of the ban by the Central Bank of Nigeria (CBN) on sales of forex to BDC operators has failed to help resolve the scarcity, as the banks are not selling to the BDCs.
Meanwhile, at the official market, the local currency to close at N742.10 on Tuesday, according to data from FMDQ Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria.
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