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Naira depreciates at parallel market, official window

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The naira further depreciated to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday.

The naira further depreciated to N1,490 per dollar at the parallel section of the foreign exchange market on Monday.Currency traders, also known as bureau de change operators, quoted the buying rate at N1,460 and a selling rate of N1,490 — leaving a profit margin of N30.

At the official window, the local currency depreciated by 0.02 percent to N1,483.02 against the dollar on Monday, from N1,482.72 on June 14.According to the FMDQ Exchange, a platform that oversees the official window, during trading hours, a dollar recorded an intra-day high of N1,514.82 and a low rate of N1,390.At the current FX rates, the gap between the official window and the parallel market is N6.98.

Nonyane projected a gradual depreciation of the naira in 2025, adding that this depends largely on the FX reform’s momentum.

 

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