Naira Slides To N610 Per Dollar in Parallel Market

THE nation’s currency, Naira, slid to N610 to a dollar over the weekend at the parallel market in Lagos and Abuja, thus widening the gap between the official and parallel market exchange rates to N191.

The exchange rate hovered between N600 and N605 to the dollar in other cities such as Ibadan, Abeokuta and Benin City.

The official rate at the Investors and Exporters window as of Friday was 419.02. Although the Central Bank of Nigeria (CBN) has relentlessly campaigned against patronizing the parallel market operators, scarcity of the greenback at the official channels often pushes those in need of dollars to black market operators.

According to bureau de change sources, the recent rise in the exchange rate of dollar at the black market is due to heightened political activities as the political parties will hold their primary elections this week.