N302 to $1 at the Parellel exchange rate market

    The naira has depreciated steadily since Monday when the apex bank stopped the weekly sale of foreign exchange to Bureau de Change operators in the bid to sanitise the market.

   Traders at the market said that they were concerned about the depreciating naira exchange rate in the black market which as at this morning further hits N302 to $1 at the black market.


 Financial experts said the naira would decline further, while private sector operators described the move as a welcome development.The Head of Investment Research, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said the stoppage of forex sale to the BDCs meant that the CBN wanted everybody to apply to the banks for dollars.

     Hoping this gets better because of the adverse effect on citizens as sellers inflate prices of commodities,even goods that dollar doesn't affect gets price increase and you hear statement like "Dollar caused it oooo"