streak to five days at the parallel section of the foreign exchange market.Currency traders, known as bureau de change operators, quoted the buying rate of the naira as N1,600 and the selling rate at N1,620 — leaving a N20 profit margin.
According to the FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the local currency appreciated to N1,566.82 per dollar on Thursday — a 0.94 percent decline from N1,581.65 traded the previous day.Abruptly reversing the gain, the naira depreciated to N1,545 on July 12, and further to N1,555 on July 15.Meanwhile, the official market recorded marginal fluctuations.
Data from the FMDQ Exchange showed that the naira appreciated to N1,554.65 on July 11 — from N1,561 on July 10.called for “The recent fluctuations in the value of the naira have made it difficult for companies to plan and invest,” the association said.CBN) on July 13, said it has sold foreign currencies worth $122.