The value of the naira dropped even lower to N1,350 per dollar at the parallel segment of the foreign currency (FX) market on Monday.
The FX rate as of right now has dropped by 2.27 percent from the N1,320/$ transacted on April 26.
Bureau de change (BDC) operators, who deal in currency, stated a purchasing rate of N1,320 and a selling rate of N1,350, meaning that they were making a profit margin of N30.
The local currency lost 1.42 percent of its value versus the US dollar in the official window on Monday, moving from N1,399.23 on April 26 to N1,419.11 on Monday.
The platform that manages the official window, FMDQ Exchange, reports that during trading hours, the intraday high and low rates for the dollar were N1,451 and N1,060, respectively. [CONTINUE READING HERE]
DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to [email protected]
Join Other Great Readers, FOLLOW us On WHATSAPP>> https://chat.whatsapp.com/DN0y4bGIbVI4II6aNcPssb
Join Other Great Readers On TELEGRAM>> https://t.me/freshreporters
For Advert and other info, Click this link to send a Message to the Admin https://freshreporters.com/advertise/