The uncertainties surrounding the Nigerian currency against the American collar continues as new rates have emerged on the parallel market. The rates on the black market ended last week with the naira standing at N310 against the dollar, with many Bureau De Change (BDC) operators noting that there is no way they can control the changes being experienced with the rising and falling of the rates.
But on Monday, March 7, 2016, BDC operators confirmed to our correspondent that the rate has risen to N322 with suspicions in some quarters that the price may skyrocket before the end of the day.
“We really do not know what is happening on the market at the moment, but this morning, we were selling for N322 as against the N310, N320 that we sold last weekend. “It is even surprising that the amount is not worse than what we have at the moment because we only have about N2 difference from what we had last weekend and what we have this new week. Let us just hope that we do not have further drop in the exchange rate before this week runs out,” our credible source informed.
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