Naira depreciates at parallel market, gains at official window

The local currency has depreciated to N1,510 against the dollar at the parallel section of the foreign exchange (FX) market.

The present foreign exchange rate shows a fall of 0.33 percent from the N1,505/$ reported on May 22.

Currency traders, popularly known as street traders, in Lagos, quoted the buying rate of the naira at N1,485/$ and the selling rate at N1,510/$, leaving a profit margin of N25.

At the official window, the naira gained by 0.19 percent against the dollar from N1,485.66/$ on May 23 to close at N1,482.81 on Friday.

According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,511 and at a low rate of N1,400 during trading hours.

The daily foreign exchange market turnover was $556.25 million.

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