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Naira ends five-day depreciation streak at parallel market, now N1,510/$

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The naira ended a five-day depreciation streak on Monday at the parallel section of the foreign exchange (FX) market.

The naira ended a five-day depreciation streak on Monday at the parallel section of the foreign exchange market.

Currency traders, also known as bureau de change operators, quoted the buying rate at N1,480 per dollar and the selling rate at N1,510/$ — leaving a profit margin of N30.The rate represents a 0.24 percent depreciation from theAccording to data from the FMDQ Securities Exchange — a platform that oversees FX trading in Nigeria — the local currency hit an intra-day high of N1,536 per dollar and a low of N1,441/$.

Throughout last month, the naira traded as high as N1,485 per dollar and as low as N1,525/$ in the parallel market.

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Naira drops at parallel market, appreciates at official windowThe naira depreciated to N1,510 per dollar at the parallel section of FX market on Monday. The current rate represents a drop of 1.34 percent
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