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Naira Sells For N575/$1 At Parallel Market

Naira Sells For N575/$1 At Parallel Market

The exchange rate of the Naira at Bureaux De Change operators (BDCs), popularly referred to as ‘abokis’, on Monday sold at N575 to the US dollar at the parallel market.

According to TheCable, its findings showed that the Naira presently trades at N575 to the dollar at three different markets in Lagos, igeria’s commercial nerve centre.

The Governor of Central Bank of Nigeria, Godwin Emefiele, had stated last week that the only recognized foreign exchange market is the Importers and exporters (I&E) FX window.

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The CBN Governor accused illegitimate traders at the parallel market, of creating confusion and manipulating the foreign exchange market.

He halted the sale of dollar by the apex bank to the licenced BDCs and directed banks to meet legitimate forex demands.

Emefiele also disclosed that Oniwinde Adedotun and abokiFX Limited are presently being investigated by the monetary authority over “illegal foreign exchange transactions” and its mode of data information.

AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014.

The platform denied the allegations and has since suspended sharing information on the parallel market — taunting with a clause: “We sincerely hope this suspension will lead to the Naira appreciation from next week”.

On Monday, abokiFX cleared forex data information from its platform.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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