The Naira, on Friday, recorded a depreciation against the US dollar at the parallel market of the foreign exchange market.
According to currency traders in the parallel market popularly referred to as Bureaux De Change (BDC) operators, the Naira traded at N545 to a US dollar at the street market.
This marks a N15 or 2.8 percent decline in value in comparison to the N530 it sold for the previous week.
Similarly, at the FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria, the Naira slipped by 0.2 percent to N414.40/$1 on Friday.
The Central Bank of Nigeria (CBN) stated that the parallel market does not reflect the true condition of Naira.
The CBN had, in July, announced its decision to discontinue the sale of dollar to the earlier authorized BDCs.
According to the apex bank’s reason for the action, it accused the BDC operators of becoming “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”.
In August, deposit money banks were commissioned by the CBN to cater for legitimate forex demand by citizens.
In compliance with the directive, the banks have created teller points for FX transactions in their branches to cater to customers with legitimate need for the greenback.
