Naira Depreciates to N1,700/$ at Parallel Market

The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday.

At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday.

The N1,700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.

Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.

At the official window, the local currency appreciated by 2.24 percent from N1,576.1/$ on Thursday to trade at N1,540.78 on Friday.

According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,691 and at a low rate of N1,530. during trading hours.