Money Market
Naira drops to N1,370/$ at parallel market, gains marginally at official window
The naira declined to N1,370 against the dollar at the
parallel section of the foreign exchange (FX) market on Wednesday.
This represents a 1.48 percent depreciation from N1,350
traded on April 29.
Currency traders, also known as bureau de change (BDC)
operators, put the buying rate of the greenback at N1,330 and the selling price
at N1,370 — leaving a profit margin of N40.
At the official window, the local currency appreciated by
1.98 percent to N1,390 on April 30 — from N1,419.11 on April 29.
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