The parallel section of the foreign currency (FX) market saw a further depreciation of the naira, to N1,260 per dollar on Monday.
The most recent figures shows a 2.44 percent decline from the April 19 closing price of N1,230 per dollar.
Foreign dealers, Bureau de change (BDC) operators, quoted the purchasing rate at N1,230 and the selling price at N1,260, leaving a N30 profit margin.
The Naira lost value against the US dollar on Monday, falling to N1,234.49 from N1,169.99 on Friday, according to FMDQ statistics.
In a same vein, the parallel FX market saw a sharp decline on Monday, from N1,100 on Friday to N1200 per dollar.
The Central Bank of Nigeria (CBN), meantime, said on April 20 that it is making every effort to attain a steady foreign exchange rate. [CONTINUE READING HERE]
DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshreporters@gmail.com
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/