The naira again suffered a significant blow on Monday, May 13, 2024, depreciating to N1,520 per US dollar at the parallel foreign exchange market, a 3.4% decline from the previous rate of N1,470 recorded last Friday, May 10, 2024.
Bureau de change (BDC) operators bought the dollar at N1,490 and sold at N1,520 — leaving a profit margin of N30.
At the official window, 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/$.
21st Century Chronicle
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