Naira appreciates slightly at parallel market, drops in official window

The naira, on Wednesday, appreciated to N1,500 per dollar at the parallel section of the foreign exchange (FX) market.

The current foreign exchange rate signifies an increase of 0.66 percent from the N1,510 reported on June 3.

Currency traders in Lagos, popularly called bureau de change, quoted the buying rate at N1,460 and the selling price at N1,500.

And at the official window, the  naira depreciated by 0.78 percent against the dollar from N1,476.95 on June 3 to close at N1,488.60 on Wednesday.

During trading hours, the exchange rate recorded a high of N1,520 and a low of N1,363.85, according to market data from FMDQ Exchange, a platform that oversees the official FX trading in Nigeria.

The daily foreign exchange market turnover stood at $205.43 million.

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