Breaking News: Naira Depreciates To 1,233 Against The Dollar In Parallel Market

Breaking News: Naira Depreciates To 1,233 Against The Dollar In Parallel Market

According to information from The BUSHRADIOGIST and BDC operators, the local currency maintained the same trading range as Friday, being bought and sold at rates of 1,228/$ and 1,233/$. Abokifx data revealed that the Pound Sterling was exchanged at 1,550/£ and 1,565/£, while the Euro stood at 1,290/€ and 1,305/€, respectively….CONTINUE READING

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Kamarudeen Ibrahim, a BDC operator in Lagos, noted a weakening trend, stating, “The naira traded at 1,220/$ a week earlier but weakened to 1,233/$ by the end of the week.”

In further comments, Akeem Yusuf, another BDC operator, mentioned, “The naira was sold for 1,233/$ on Friday; Today, Monday, it did not change because people are not buying.” The Naira saw a slight depreciation of 1.1%, or N13, in the parallel market.

However, on the Investor & Exporter forex window, there was a marginal improvement. Figures from the FMDQ indicated that the Naira, which closed at 889.63/$ on Thursday, appreciated by 0.42%, or N3.75, to close at 885.88/$ on Friday.

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