Alarming Economic Somersaults As Naira Weakens

OpenLife Nigeria reports that the naira on Monday further weakened to N871 to the dollar at the parallel section of the foreign exchange market.

The drop represents a depreciation of N6 or 0.7 percent compared to the N865/$ it traded last week.

Reports have it that Bureaux De Change (BDC) operators in Victoria Island area of Lagos quoted the buying rate of the greenback at N865 and the selling price at N871 per dollar, leaving a N6 profit margin.

A currency trader in the Agbara area of Ogun state, said that buying and selling prices stood at N865/$ and N870/$, respectively.

He said there was still high demand for the greenback in the street market.

At the investors and exporters (I&E) forex window, the local currency appreciated by 2.43 percent to close at N756.94/$ on Monday, according to details on FMDQ Securities Exchange — a platform where FX is officially traded.

The currency has closed at N775.76 to a dollar on Friday.