Naira hits N1,520/$ at parallel market

Naira is sold at N1,520/$ at parallel market which shows that 3.4% decline from the N1,470/$ traded on Friday, May 10.

Operators of bureaus de change (BDCs) made a profit margin of N30 by purchasing the dollar at N1,490 and selling it at N1,520.

At the official market, the naira depreciated by 0.80 per cent against the dollar to close at N1,478.11 on Monday — from the N1,466.31 traded on Friday.

On the FMDQ Securities Exchange, a platform that oversees official FX trading in Nigeria, an exchange rate of N1,490 to the dollar was the highest rate recorded during trading and the lowest rate was N1,322/$.