Latest Exchange Rate At Parallel Market

The Nigerian naira has rallied round to retained the same rate for about one-week now at the parallel market.
The Naira as for Wednesday 18th Oct,exchanged at N361.50 to the dollar at the parallel market, retaining same rate for the past one-week, reports from the News Agency of Nigeria (NAN).


At the Bureau De Change (BDC) window, the naira which was sold at N361.50, while the Pound Sterling and the Euro closed at N475 and N425, respectively.
Trading at the investors’ window saw the Nigerian naira closed at N360.27. Traders said that activities at the market had remained dull as only few customers were seen patronising them.
Meanwhile, a credible source from BDC told NAN that about 1000 of its members bided for dollars as for Monday this week because they had been selling at a loss for some months now.
NAN reports that BDCs buy dollars at N360 from the CBN and sell at N362 per dollar.
Following the fall in rate to N362, BDCs had been selling at a loss, which make them to the boycott of the CBN window by some BDCs.

Source: NAN.

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