Dollar Hits N735 As Political Campaign Begins
Category: Business News
The dollar hit N735 in the parallel market on Wednesday as political campaign
activities began in the country.
According to Bureau De Change
operators in Lagos and Abuja, dollar price had increased from N718 – N720 to
N728-N735 in the last one week.
A BDC operator at Amuwo-Odofin in
Lagos, Bala Usman, said, “It is N728. I can’t go less than that.”
Another operator, Abubakar Jamiu, at Zone 4, Abuja, told the
Punch, “Dollar don cost, we are selling at N730, no more no less.”
But the dollar rate hit N735 by the close of Wednesday.
An operator
in Lagos Island, Mallam Zakari, said that dollar rate had surged to N735 as at
4:54pm.
“Dollar is N735 and I will buy it for N731. Yesterday, we
sold N728.”
An operator in Lagos Island, Mallam Zakari, said that
dollar rate had surged to N735 as at 4:54pm.
“Dollar is N735 and I
will buy it for N731. Yesterday, we sold N728.”
However, at the
Importers and Exporters Window, rate still hovered around N430/$.
The dollar-naira exchange rate was N431.19 as of Tuesday.
Analysts said the naira had weakened in the parallel market due to
increased speculations, falling external reserves, and low foreign exchange
inflows.
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