May 20, 2022

SB-Accounting

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FEARS GRIP TRADERS IN LAGOS PARALLEL MARKET

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FEARS GRIP TRADERS IN LAGOS PARALLEL MARKET



As a result of the Directorate of State Security operatives raids on some unregistered BDCs and parallel market traders over alleged arbitrary sale of forex above the official price,  fears and suspicion as grown in the Lagos parallel market said NAN.

Many traders in the market still grip with fear that some men who disguise are themselves as DSS operatives in the market. This really has affected the sale of currencies in the market.

As a result, it has become difficult for many forex traders in the parallel market to add a margin to the price of dollar.

Nevertheless, according to NAN “the Pound Sterling and the Euro closed at N560 and N500 at the parallel market. At the BDC window, a dollar traded at N385/N400, CBN controlled rate, while the Pound Sterling and the Euro closed at N555 and N500, respectively. The Naira lost 25 kobo at the interbank market to close at N305.25, from N304.75 recorded on Friday.”

Furthermore, the official exchange rates of the Naira to a dollar is at N317 and N455 in the parallel market.

Read more from NAN
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