Naira free fall continues at N1,425/$ in parallel market

Naira free fall continues at N1,425/$ in parallel market

The naira on Friday continued its free fall as it was offered as N1,425 for one United States dollar at the parallel section of the foreign exchange market.

For the official rate, the naira closed against the dollar at N891.90/$ on Friday.

The Friday’s exchange rate represents a 0.71 percent or N10 increase from the N1,415 traded on Thursday.

Some of the Bureaux De Change (BDC) operators in Lagos gave the buying price of one dollar as N1,410 and the selling price at N1,425.

Olayemi Cardoso, governor of the Central Bank of (CBN), said earlier in the week that the naira was undervalued.

He said the CBN had returned to the conventional monetary policy approach to achieve price stability,

The Association of Bureau De Change Operators of Nigeria (ABCON) said the Economic and Financial Crimes Commission (EFCC) granted its members permission to publicly post exchange rates online.

“The BDC operators will post the rates at their own comfort. People can not have the same prices. The purpose is not to give the general pricing. Once competition starts there, the platform will help achieve equilibrium,” Aminu Gwadabe, ABCON’s president, said.