Naira depreciates further at parallel market, trades at N1,520/$

The naira depreciated to N1,520 per dollar at the parallel section of the foreign exchange (FX) market on Monday.

The naira depreciated to N1,520 per dollar at the parallel section of the foreign exchange market on Monday.The bureau de change operators, popularly known as street traders, put the buying price of the dollar at N1,490 and the selling price at N1,520 — leaving a profit margin of N30.

At the official window, the local currency depreciated by 0.80 percent against the dollar to close at N1,478.11 on Monday — from the N1,466.31 traded on May 10.According to FMDQ Securities Exchange, a platform that oversees official FX trading in Nigeria, an exchange rate of N1,490 to the dollar was the highest rate recorded during trading and the lowest rate was N1,322/$.the apex bank had been “reoriented” to focus on price and monetary stability.According to the governor, investors previously had a “tendency to head for the window” in response to currency fluctuations, however, there has been a “fundamental shift”.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

thecableng /  🏆 2. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BREAKING: Nigeria’s Inflation Rate Hits 33.20% As Naira ReboundsThe Latest News from Nigeria and Around the World
Read more »

Naira’s fate is in our hands, Reno Omokri tells NigeriansThe Nation Newspaper Naira’s fate is in our hands, Reno Omokri tells Nigerians
Read more »

Naira Appreciates to N1000 per US Dollar as Foreign Exchange Market OpensThe Naira has appreciated to N1000 per US dollar as the foreign exchange market opened on Monday. A Bureau De Change operator predicts further appreciation below N1000 per dollar during the week.
Read more »

After Bobrisky, more celebrities being investigated for naira abuseThe Economic and Financial Crimes Commission (EFCC) said it is investigating more celebrities for abuse of the naira
Read more »

Naira sustains rally across marketsThe Nation Newspaper Naira sustains rally across markets
Read more »

Many Celebrities Involved In Naira Abuse Investigated — EFCCThe Latest News from Nigeria and Around the World
Read more »