The Nigerian naira fell to N1,561 against the dollar at the Nigerian Autonomous Foreign Exchange Market on Wednesday.According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of N1,585 and a low of N1,475.the lowest since March 18 when the naira exchanged at N1,572 to the greenback.At the parallel section of the market, the local currency traded at N1,550 on Wednesday — depreciating by 0.
Currency traders, known as bureau de change operators, quoted the buying rate at N1,530 and the selling price at N1,550 — leaving a profit margin of N20.The local currency has witnessed marginal fluctuations in both the parallel and official markets within the last two days.further tumbled to N1,532 on July 9.
It recorded a marginal appreciation to N1,523 per dollar on July 8 at the parallel market — from N1,525 on July 5.Advertisement The two-day depreciation of the naira comes amid a recorded a rise in the external reserves of Nigeria.