The naira reached an unprecedented low, exchanging at N950 to the US dollar in the parallel market. This represents a decrease of N53 or 5.9 percent when compared to its rate of N897 earlier this week.
Bureau De Change (BDC) operators located in Lagos shared with TheCable that there exists a significant demand for foreign currency in the informal market. Commonly referred to as ‘abokis’, street traders have set the purchase price of the dollar at N935, while the selling price stands at N950, resulting in a profit margin of N15.
Meanwhile, currency traders in Ogun state’s particularly those Agbara area revealed that they are currently acquiring the local currency at N920/$ and selling it for N940 per dollar.
