Naira Takes Hit In Parallel Market, Trades At N1,550 To The Dollar

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7 months ago Readership

The Nigerian naira experienced a depreciation to N1,550 against the dollar at the parallel section of the foreign exchange (FX) market on Wednesday. This represents a 1.95 percent decline from the N1,520/$ rate reported earlier in May.

In Lagos, currency traders quoted the buying rate of the naira at N1,510/$ and the selling rate at N1,550/$, resulting in a profit margin of N40.

Conversely, at the official window, the naira appreciated by 4.21 percent against the dollar, rising from N1,520.4/$ on May 14 to close at N1,459.02 on Wednesday.

Data from FMDQ Exchange, the platform overseeing the official window, revealed that during trading hours, the dollar reached a high of N1,593 and a low of N1,401.

Despite the fluctuations, the daily turnover in the foreign exchange market stood at $289.14 million.

The Economic and Financial Crimes Commission (EFCC) recently highlighted concerns about foreign missions in Nigeria using third parties for foreign currency transactions.

Wilson Uwujaren, EFCC’s acting director of public affairs, emphasized the commission’s efforts to combat the abuse of the naira and discourage illegal dollar transactions within Nigeria, which are contrary to the law.