Naira was quoted at N605 per dollar in the parallel market on Tuesday, OduNews reports.
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.
Since the suspension of trading information by abokiFX — citizens have resorted to street traders for current parallel market rates of the local currency.
Though the parallel segment is more open to traders and businesses who need foreign exchange (FX), the Central Bank of Nigeria (CBN) has consistently maintained that it represents less than one per cent of forex transactions and should never be used to determine the exchange rate.
On the official market side, the local currency 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.
