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Naira Falls again, trades N345/dollar on Parallel Market

naira-black market-hypestationng

The Naira value has continued to depreciate as the Nigerian economy has continued to swing

slowly.

Sources at the bureau de change informed that the naira now trades for about N345/dollar on the parallel market as against the N342/dollar which it was still available on Wednesday. In fact, the scarcity of the commodity has worsened the rates as the few people who have are not totally willing to sell it; those who are selling are doing so at a very exorbitant rate because they believe it cannot be easily got.

While the federal government is yet to officially announce the newly-adopted rate of the naira against the dollar in the official bank rate, the parallel market has been on a topsy-turvy move with the naira continuing to lose value against it forex counterpart.

The demand for dollar has continued to rise and dealers are complaining of scarcity as there are almost stranded in meeting demand.

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