Naira Trades N1,040/$ At Parallel Market
Category:
Business News
The naira plummeted to a new all-time low at the parallel section of the market yesterday, Wednesday, October 11.
Survey carried out on street traders across the country by Vanguard revealed it stayed on the range of N1,035 to N1,040.
The figure (N1,040) represents a depreciation of N40 or 4.0 per cent from the N1,000 it traded two weeks ago.
The street traders put the buying price of the dollar at N1,025 and the selling price at N1,045, leaving a N25 profit margin.
One of the sources said, “The dollar is not readily available. It is scarce.”
The naira plummeted to a new all-time low at the parallel section of the market yesterday, Wednesday, October 11.
Survey carried out on street traders across the country by Vanguard revealed it stayed on the range of N1,035 to N1,040.
The figure (N1,040) represents a depreciation of N40 or 4.0 per cent from the N1,000 it traded two weeks ago.
The street traders put the buying price of the dollar at N1,025 and the selling price at N1,045, leaving a N25 profit margin.
One of the sources said, “The dollar is not readily available. It is scarce.”
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