Naira depreciates to N1,620/$ at parallel market

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On Friday, the naira depreciated further, reaching N1,620 against the dollar in the parallel section of the foreign exchange (FX) market.

This represents a decline of N20 or 1.25 percent from the rate of N1,600/$ reported on March 1, 2024.

The Global News reports that Bureau de change (BDC) operators quoted the buying rate at N1,600 and the selling price at N1,620, resulting in a profit margin of N20.

Additionally, at the official exchange rate window, the naira depreciated to N1,627.40 against the dollar on Friday, marking a 1.57 percent decline from the rate of N1,602.17/$ traded on Thursday.

According to the FMDQ Exchange, a platform overseeing official FX trading in Nigeria, the dollar rate reached as high as N1,640 and traded at a low of N1,413.