By Charles Ayodele
The value of the naira plunged at the parallel market on Wednesday as it traded at 1,705/dollar.
According to Bureau De Change operators in Lagos and Abuja, they sold dollars for N1705, and bought at 1,695/$.
Suraju Ajao, a currency trader said that he sold dollars for 1700/$ and bought at 1,690/$.
On the official market, the naira traded at a high of 1,682/$ and a low of 1,562.97/$.
The decline is attributed to surging demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank.
