The naira depreciated to N1,320 per dollar at the parallel market of the foreign exchange (FX) on Friday.
The current FX rate signifies a decline of 1.54 percent from N1,300/$ traded on April 24.
Currency traders, known as Bureau de Change (BDC) operators, quoted the buying rate at N1,260 and the selling price at N1,320 — leaving a profit margin of N60.
Read Also: How fake news almost ruined my 40-year-old marriage – Ex-minister
At the official window, the local currency depreciated by 2.24 percent to N1,339.23 against the dollar on Friday, from N1,309.88 on April 25.
According to FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), also known as the official window, during trading hours, a dollar was sold as high as N1,410 and at a low rate of N1,051.
Comments are closed.