Alarming Economic Somersaults As Naira Weakens

<h4>Alarming Economic Somersaults As Naira Weakens<&sol;h4>&NewLine;<p>OpenLife Nigeria reports that the naira on Monday further weakened to N871 to the dollar at the parallel section of the foreign exchange market&period;<&sol;p>&NewLine;<p>The drop represents a depreciation of N6 or 0&period;7 percent compared to the N865&sol;&dollar; it traded last week&period;<&sol;p>&NewLine;<p>Reports have it that Bureaux De Change &lpar;BDC&rpar; operators in Victoria Island area of Lagos quoted the buying rate of the greenback at N865 and the selling price at N871 per dollar&comma; leaving a N6 profit margin&period;<&sol;p>&NewLine;<p>A currency trader in the Agbara area of Ogun state&comma; said that buying and selling prices stood at N865&sol;&dollar; and N870&sol;&dollar;&comma; respectively&period;<&sol;p>&NewLine;<p>He said there was still high demand for the greenback in the street market&period;<&sol;p>&NewLine;<p>At the investors and exporters &lpar;I&amp&semi;E&rpar; forex window&comma; the local currency appreciated by 2&period;43 percent to close at N756&period;94&sol;&dollar; on Monday&comma; according to details on FMDQ Securities Exchange — a platform where FX is officially traded&period;<&sol;p>&NewLine;<p>The currency has closed at N775&period;76 to a dollar on Friday&period;<&sol;p>&NewLine;