{"id":202285,"date":"2022-07-09T06:43:07","date_gmt":"2022-07-09T05:43:07","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=202285"},"modified":"2022-07-09T06:43:07","modified_gmt":"2022-07-09T05:43:07","slug":"eid-el-kabir-naira-falls-to-n615-at-parallel-market","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/07\/09\/eid-el-kabir-naira-falls-to-n615-at-parallel-market\/","title":{"rendered":"Eid-el-Kabir: Naira falls to N615\/$ at parallel market"},"content":{"rendered":"<p>Reports have shown that the naira has depreciated to N615 a dollar at the parallel market ahead of a two-day holiday for Eid-el-Kabir.<\/p>\n<p>According to report, the figure represents N1 or 0.2 percent depreciation compared to the N614 it traded last week.<\/p>\n<p><span data-preserver-spaces=\"true\">Bureaux De Change (BDC) operators in Lagos told TheCable on Friday that there is high demand for forex at the street market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The street traders put the buying price of the dollar at N610 and the selling price at N615, leaving a profit margin of N5.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThere is high demand but we don\u2019t have enough dollars. That\u2019s why it is expensive. Most people that buy goods outside the country are buying dollar today. They want to do their <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/05\/05\/cbn-warns-banks-on-transactions-related-to-benin-republic\/\">transactions<\/a> today because there won\u2019t be work on Monday and Tuesday,\u201d Alhaji Musa told TheCable.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the Central Bank of Nigeria (CBN), the parallel market is not a true reflection of the country\u2019s exchange rate.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last year, it stopped forex sales<\/span><span data-preserver-spaces=\"true\">\u00a0to BDC operators, accusing them of being involved in illegal financial flows and money laundering in Nigeria.<\/span><\/p>\n<p>At the official market, the currency also fell by 0.1 percent to close at N428.16 on Thursday, according to data on FMDQ OTC Securities Exchange \u2014 a platform that oversees official foreign-exchange trading in Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reports have shown that the naira has depreciated to N615 a dollar at the parallel market ahead of a two-day holiday for Eid-el-Kabir. According to report, the figure represents N1 or 0.2 percent depreciation compared to the N614 it traded last week. Bureaux De Change (BDC) operators in Lagos told TheCable on Friday that there [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":167680,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[18651,5332,41698,17604],"class_list":["post-202285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bureau-de-change","tag-dollars","tag-naira-falls","tag-parallel-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Eid-el-Kabir: Naira falls to N615\/$ at parallel market<\/title>\n<meta name=\"description\" content=\"Reports have shown that the naira has depreciated to N615 a dollar at the parallel market ahead of a two-day holiday for Eid-el-Kabir.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/07\/09\/eid-el-kabir-naira-falls-to-n615-at-parallel-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eid-el-Kabir: Naira falls to N615\/$ at parallel market\" \/>\n<meta property=\"og:description\" content=\"Reports have shown that the naira has depreciated to N615 a dollar at the parallel market ahead of a two-day holiday for Eid-el-Kabir. According to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/07\/09\/eid-el-kabir-naira-falls-to-n615-at-parallel-market\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-09T05:43:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/03\/adewale_chocomilo\/2022\/03\/26\/Naira-mallams-e1643033239840.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta 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