The Nigerian naira dropped to N1,561.98 against the dollar, on Wednesday, at the country’s official exchange rate window — the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The Nigerian naira fell to N1,561 against the dollar at the Nigerian Autonomous Foreign Exchange Market on Wednesday.According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of N1,585 and a low of N1,475.the lowest since March 18 when the naira exchanged at N1,572 to the greenback.At the parallel section of the market, the local currency traded at N1,550 on Wednesday — depreciating by 0.
Currency traders, known as bureau de change operators, quoted the buying rate at N1,530 and the selling price at N1,550 — leaving a profit margin of N20.The local currency has witnessed marginal fluctuations in both the parallel and official markets within the last two days.further tumbled to N1,532 on July 9.
It recorded a marginal appreciation to N1,523 per dollar on July 8 at the parallel market — from N1,525 on July 5.Advertisement The two-day depreciation of the naira comes amid a recorded a rise in the external reserves of Nigeria.
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