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Naira Depreciates to N1,700/$ at Parallel Market
The naira depreciated to N1,700 per greenback on the parallel part of the international alternate (FX) market on Friday.
On the finish of buying and selling hours, the naira depreciated by 1.49 p.c in comparison with the N1,675/$ traded on Thursday.
The N1,700 per greenback is the bottom the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.
Learn Additionally:
Foreign money merchants, also called avenue merchants, in Lagos, quoted the shopping for charge of the native forex at N1,680/$ and the promoting charge at N1,700/$ — leaving a revenue margin of N20.
On the official window, the native forex appreciated by 2.24 p.c from N1,576.1/$ on Thursday to commerce at N1,540.78 on Friday.
Based on FMDQ Trade, a platform that oversees the official window, a greenback was offered as excessive as N1,691 and at a low charge of N1,530. throughout buying and selling hours.
