Naira sinks to 48 year low … trades for 545 per dollar at parallel market

Advertisements

The Nigerian naira depreciated to its lowest level in 48 years, trading between 540 and 545 to a single dollar in Lagos on Thursday.

Parallel market and Bureau De Change (BDC) traders in Lagos said that the naira was falling rapidly against the greenback.

“For people that don’t buy today, it will be more expensive tomorrow,” Ibrahim Ahmad said by phone.

Advertisements

“The dollar was going for N530 earlier today, but now, it’s N545, if you’re buying anything below $1,000”.

The British pound was trading at 740 across the same markets.

The Central Bank of Nigeria said in July that it would no longer sell forex to BDC traders.

The Apex bank has said repeatedly that the parallel market is not a true reflection of the naira.

Open chat