*FX scarcity persists
The Nigerian naira, on Wednesday, weakened to N707 a dollar at the parallel section of the foreign exchange market.
The figure represents N42 or 7.45 per cent depreciation compared to the N658 it traded last week — further losing value against the dollar.
TheCable also reports that street traders said the free fall resulted from the lingering foreign exchange (FX) supply constraints.
With a profit margin of N17, the traders put the buying price at N690 and the selling price at N707.
A parallel market (street market) is characterised by non-compliant behaviour with an institutional set of rules.
The Central Bank of Nigeria (CBN) has often maintained that the parallel market is not the true reflection of the naira.
At the official market, checks by TheCable showed that the buying price stood at N415.14 while the selling price stood at N416.14 a dollar
But the depreciation of the local currency has negatively affected businesses — especially importers.
Incidentally, the Senate had on Wednesday, summoned the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele over worsening inflation and naira devaluation.
