The naira, on Wednesday, appreciated to N1,500 per dollar at the parallel section of the foreign exchange market.Currency traders in Lagos, also known as bureau de change, quoted the buying rate at N1,460 and the selling price at N1,500.
At the official window, the local currency depreciated by 0.78 percent against the dollar from N1,476.95 on June 3 to close at N1,488.60 on Wednesday.During trading hours, the exchange rate recorded a high of N1,520 and a low of N1,363.85, according to market data from FMDQ Exchange, a platform that oversees the official FX trading in Nigeria.
“We project that naira will average about N1,200/dollar this year and end the year around N1450/dollar. And in terms of next year, we see a gradual depreciation but it also depends largely on the foreign exchange reforms momentum,” she said.Advertisement Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!