Despite the EFCC’s clampdown, the naira falls to N680/$ on the parallel market.

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Bureaux de Change (BDCs), sometimes known as ‘Abokis,’ reported that the local currency had depreciated by N15, or 2.3 percent, to trade at N680 per dollar on the street market.

Yesterday, the naira fell against the dollar in the parallel part of the foreign exchange.

The purchase price of the dollar is N665 and the selling price is N680, leaving a profit margin of N15.

“Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675. We also have to make our gain. We are buying and selling to make a profit,” a trader at the Ikeja market told.

After the Economic and Financial Crimes Commission (EFCC) raided a BDC hub in Abuja last week, the foreign exchange market appreciated.

The anti-graft agency claimed that some BDC operators were hoarding or smuggling foreign money, particularly the dollar, out of Nigeria.