The value of the naira fell to N1,550 versus the dollar at the parallel segment of the foreign currency (FX) market on Wednesday.
The FX rate as of right now represents a 1.95 percent decrease from the N1,520/$ that was issued on May 13.
The purchase rate of local currency was quoted by currency dealers in Lagos, popularly referred to as street traders, at N1,510/$, and the selling rate at N1,550/$, leaving an N40 profit margin.
The local currency closed at N1,459.02 on Wednesday, up 4.21 percent versus the dollar in the official window, from N1,520.4/$ on May 14.
A dollar was sold during trading hours for as much as N1,593 and as low as N1,401, according to FMDQ Exchange, the platform that manages the official window.
$289.14 million was exchanged on the foreign currency market each day. [CONTINUE READING HERE]
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