The Naira has plunged more than 70% in the black market when compared to the parallel market since the Central Bank adopted its “managed float” exchange rate system that saw it introduce quasi capital controls as well as restricting the purchase and sale of forex at its official window.
The widening premium between the parallel market rates and the official/interbank rates have increased the activities of speculators and round tripping further worsening the currency situation.
It’s however not just speculators who have benefited the most from the misfortunes of the naira. Several other market participants are also benefiting every single day the naira plummets against the dollar at the parallel market.
We take a look at some of them; Click “Continue Reading” to see them