Naira down 0.3% to trade N607/$ at parallel market

The Nigerian naira depreciated further against the dollar at the parallel segment of the foreign exchange (FX) market on Tuesday, exchanging from N607 to the dollar.

This is according to information from Bureaux De Change operators (BDCs).

The figure represents a depreciation of N2 or 0.3 per cent compared to the N605 it traded almost two weeks ago.

The street traders put the buying price of the dollar on Tuesday at N601 and the selling price at N607, leaving N6 profit margin.

On the official market side, the naira depreciated by 0.3 per cent to close at N421.25 to the dollar at the end of the last trading day (Friday, June 10), according to details on the FMDQ OTC Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading and a low of N413.