The value of Naira has further dropped at the parallel market, selling N502 to a United States dollar, following speculations which have continued to impede foreign exchange market operations.
The naira closed at N499 to a dollar on Thursday but lost N3 in Friday’s trading.
It also depreciated against Pound and Euro, trading N710 and N608, respectively.
However, it traded moderately to close at N411.12 per dollar at the importer & exporter (I&E) window.
Recall that at the end of its meeting on Tuesday, members of the Association of Bureau De Change Operators of Nigeria (ABCON) declared ‘Operation No Street Trading” to stop the hawking of foreign exchange.
ABCON president, Aminu Gwadabe, said the market would return to normal as the ongoing speculative behaviour was hampering the market operations.
He also said all market participants would work together to lower the foreign currency rate.
