The naira lost value at the parallel segment of the foreign currency (FX) market on Monday.
Currency dealers, often referred to as bureau de change (BDC) operators, put the value of the naira at N1,520 to the US dollar at the Lagos street market.
The dealers set the dollar’s purchasing and selling prices at N1,490 and N1,520, respectively, leaving a N30 profit margin.
The amount shows a N10, or 0.66 percent, decrease from the N1,510/$ transacted on May 24.
However, in the official market, the naira appreciated by 9.6 percent or N143 to N1,339.33/$ on Monday — from N1,482.81/$ on May 24.
According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, during trading hours, N1,501/$ was the highest exchange rate and N1,310/$ was the lowest.
At the official window, a daily turnover of $180.80 million was recorded. [CONTINUE READING HERE]
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