Naira crashes to record low, exchanges for N950/$ at parallel market

The naira, on Thursday afternoon, collapsed to an all-time low of N950 to the dollar at the parallel market, representing 5.9 percent depreciation compared to the N897 it traded earlier this week.

Bureaux De Change (BDC) operators in Lagos, said that there is high demand for foreign currency in the street market.

According to TheCable, street traders put the buying price of the dollar at N935 and the selling price at N950, leaving a profit margin of N15.

The medium reported currency traders in the Agbara area of Ogun state to have said they are currently buying the local currency at N920/$ and selling it for N940 per dollar.