Naira depreciates by N10 to N1,160/$ at parallel market

The naira, on Thursday, weakened to N1,160 per dollar at the parallel section of the foreign exchange (FX) market.

The figure represents N10 or 0.87 percent depreciation compared to the N1,150 it traded two weeks ago.

Currency traders known as Bureau De Change operators (BDCs), who spoke to TheCable in Lagos, quoted the buying rate of the greenback at N1,140 and the selling price at N1,160 per dollar – leaving a profit margin of N20.

“The rate has been quite stable for a while,” a street trader who identified as Aliyu said.

A parallel market is characterised by noncompliant behaviour with an institutional set of rules. 

On the official market side, the naira depreciated by 13.78 percent to close at N956.33 to a dollar on Thursday — from  N840.53 on Wednesday.

According to data on FMDQ Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria, the highest price recorded within the day’s trading was N1136, while the lowest level for the day was N615.