Naira collapses to N1,300 to dollar at parallel market, pound exceeds N1,500

The Nigerian naira further depreciated  on Wednesday, falling to N1,300 to the dollar,  from N1,250 recorded on Tuesday at the parallel market.

This is as the British pounds was quoted at N1,500 by some dealers and N1,510 by others.

A number of bureau de change operators spoken to in Lagos at about 10am on Wednesday, quoted selling price at N1,300 per dollar and buying price at N1,250, even as many say dollar is hard to come by.

“We sold for N1,250 yesterday, but today it has reached N1,300,” said Zango a BDC operator at Berger. “If you want to buy, do fast before it goes up again.”

Another operator, Alhaji Bigi, who confirmed yesterday’s selling price, however said he has not been to get dollars because it is scarce.

Meanwhile, Aboki Forex, an online platform that lists real time market exchange rate quoted dollar at N1,310 as at 10 am on Wednesday, and pounds at N1,525,