Naira depreciates at parallel market
At the parallel segment of the foreign currency (FX) market on Friday, the value of the naira decreased to N1,495 per dollar. When compared to the N1,490/$ transacted on June 19, the current rate reflects a decrease of 0.33 percent.
Currency dealers, often referred to as bureau de change (BDC) operators, told TheCable in Lagos that the buying rate of the US dollar was N1,460, and the selling price was N1,495—a N35 profit margin.
The local currency slightly decreased at the official window on Friday, going from N1,485.36/$ on June 20 to N1,485.53/$.
The dollar swapped for as much as N1,505 and as little as N1,401 during trading hours, according to FMDQ Exchange, a platform that regulates the official foreign exchange trading in Nigeria. The FX market saw a daily turnover of $193.50 million.
The Central Bank of Nigeria (CBN) declared on June 14, 2023, that all FX market sectors would be unified.
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