The naira had closed at 360 to the dollar at the parallel market on Wednesday. The local currency also dropped against the greenback at the interbank official market to 284 per dollar on Thursday. The naira has fallen consistently at the interbank market this week, a development that is reflected in the volatility it has recorded at the parallel market.
The currency depreciated at the interbank market to 282.5, 283.25, 283.75 against the dollar between Monday and Thursday.
Foreign exchange dealers told a Punch correspondent on Thursday that a huge volume of demand was moving from the interbank market to the parallel market due to the forex supply gap at the interbank market.
“It is a supply and demand market. A lot of demand is being pushed to the parallel market due to the shortage at the interbank market; it appears that the interbank market is being rigged,” the National President, Association of Bureau De Change Operators, Aminu Gwadabe, said, adding, “There is the need to really douse the tension.”
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