The naira, on Monday, continued its depreciation streak at the parallel section of the foreign exchange market.or N4.70 percent compared to the N1,170 it traded last Thursday.
The currency traders quoted the buying rate of the dollar at N1,215 and the selling price at N1,225 per dollar, leaving a profit margin of N10.810.05 per dollar on Thursday — to closeAccording to details on FMDQ OTC Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria, the naira recorded a high of N885 and a low of N700.in the value of the naira to overdue forward payments of $6.8 billion.
“We are committed to encouraging liquidity based on reforms that have been made at the moment, on the fiscal side and the monetary side. And together with the restoration of trust and confidence we think the FX flows will return,” the minister said.