In the parallel market, also known as the black market, the dollar traded at around ₦1,390 to ₦1,397 for selling, while buying rates hovered between ₦1,385 and ₦1,390 depending on location and transaction volume.
With domestic refining now in full swing after decades of reliance on fuel imports, pressure on the foreign exchange market is expected to ease considerably.
Worse still, the commercial banks have continued to charge dollar account along with other Naira bank charges such as 35% interest rate on the facilities that these companies have with their banks.
