Naira Depreciates, Hits N745/$ At Parallel Market

Naira dropped against the dollar at the parallel and official sections of the foreign exchange market.

Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke in an interview on Monday afternoon in Lagos, made it known that the naira hit N745 to the dollar at the street market.

The figure signifies a depreciation of N5 or 0.7 percent from the N740 it traded over a week ago.

The street traders put the buying price of the dollar at N735 and the selling price at N745, leaving a N10 profit margin.

At the official market, the local currency fell by 0.11 percent to close at N446.50/$ on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.