Dollar sells for N600 at parallel market

The dollar exchanged at N600 at the parallel market (black market) in many cities across the country on Monday May 16.

Currency dealers exchanged the naira at N595 and sold within the range of N596 and N600 to a dollar in many places including Uyo, it was learnt.

Abuja black market dealers at Wuse zone 4 said the currency was exchanged at N594 and sold at N595 per $1.

According to FMDQ, where forex is officially traded, the naira which opened trading at N417 closed at N421 to a dollar at the close of business on Monday.

The depreciation of the local currency has heightened fears of a further devaluation of the nation’s currency.

The naira has maintained an average of N416.69 to a dollar since the beginning of the new year.

The Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.