Naira Falls To 620/$1 At Parallel Market

 Naira Falls To 620/$1 At Parallel Market

The naira extended its decline at the parallel market yesterday, falling to N620 per dollar compared with the N615/$1 it traded last week, traders said. Bureaux De Change operators (BDCs) attributed the local currency’s decline to increased demand for dollar by importers at the parallel market. According to the operators, the scarcity of the greenback in that segment of the forex market appears to be worsening. However, data on the Central Bank of Nigeria (CBN)’s website shows that naira closed at N415.9 per dollar on the Investors and Exporters’ (I&E) window yesterday. New Telegraph reports that the country’s external reserves have maintained an upward trend in recent times, rising to $39.42 billion as of July 13, 2022.