Naira depreciates further, trades at 1,233 to dollar at parallel market

Naira depreciates further, trades at 1,233 to dollar at parallel market

Naira further depreciated over the weekend as it traded at 1,233 to a dollar on Monday at the parallel market, according to Bureau de Change(BDC) operators.

Some BDC operators who spoke to The newsmen revealed that the local currency which was bought and sold at 1,228/$ and 1,233/$ had traded at the same rate on Friday.

Figures obtained from Abokifx showed that the Pound Sterling was bought and sold at 1,550/ £ and 1,565/ £, while Euro was 1,290/€ and 1,305/€ respectively.

A BDC operator in Lagos, Kamarudeen Ibrahim, said, “The naira traded at 1,220/$ a week earlier, but weakened to 1,233/$ by the end of the week.”

Another BDC operator, Akeem Yusuf, said, “The naira was sold for 1,233/$ on Friday; Today Monday, it did not change because people are not buying.” The naira weakened slightly at the parallel market by 1.1 per cent or N13.

However, on the Investor & Exporter forex window, the naira appreciated slightly on Friday, according to figures obtained from the FMDQ.

The local currency which closed at 889.63/$ on Thursday, appreciated slightly by 0.42 per cent or N3.75 to close at 885.88/$ on Friday.

Trading commenced at the official market at N915/$ and reached a high of N1,248/$ before closing at N885.88. The market recorded a total turnover of $92.16m on Friday.