The Naira depreciated to N1,315 per dollar at the parallel section of the foreign exchange (FX) market on Thursday October 26, 2023.
The figure represents a depreciation of N90 or 7.35 percent compared to the N1225 it traded on Monday.
Bureau De Change operators (BDCs), in Lagos, put the buying price of the dollar at N1300 and the selling price at N1315 — resulting in a profit margin of N15.
according to one trader, aliyu he said “The dollar scarcity is still a problem”.
At the official market, the local currency appreciated by 5.51 percent, from N847.77/$ on Tuesday, to close at N801.10/$ on Wednesday.
This is according to data from FMDQ Securities Exchange — a platform that oversees official FX trading in Nigeria.
A total of $100.18 million was traded at the investors’ and exporters’ window (I&E) window — Nigeria’s official trading market.
