The naira has weakened to new low of N700/$1 at the parallel market as dollar demand pressure from retail end users persists.
The naira closed last week at N630/$1 and has stayed within the N620/$1 band for weeks before the current low.
Findings showed that although many black market dealers are asking for between N700 and N710/$1, actual transactions have stayed within N700/$1 band.
But Abudul Hassan, a Lagos-based Bureaux De Change (BDC) operator, said the parallel market is where the dollar demand pressure had migrated to, as the CBN finds it difficult to meet demand at the official markets.
“Everybody is moving to the parallel market and we have seen rising pressure there. With little control from the regulator, people are quoting sale price at N710/$1, but actual transactions are settled around N700/$1. We expect the naira to continue its fall in the next few weeks as dollar liquidity in the system continues to nosedive,” he said.