The parallel segment of the foreign exchange (FX) market saw a depreciation of the naira to N1,600 per dollar on Friday.
With reference to the N1,570/$ recorded on March 13, this signifies a 1.91 percent decrease.
The purchase rate of the dollar was stated by currency dealers in Lagos, often referred to as bureau de change (BDC) operators, at N1,580, and the selling price at N1,600, leaving a N20 profit margin.
The naira appreciated by 0.38 percent to N1,602.75/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the nation’s official market, on March 14 from N1,608.98/$.
On March 14, the Central Bank of Nigeria (CBN) reaffirmed that banks may not use the foreign exchange gains from revaluation to cover expenditures and dividends. [CONTINUE READING HERE]
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