Saturday, February 4, 2023
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Naira falls to N748 per dollar at parallel market 

The Nigerian naira on Wednesday, depreciated to N748 per dollar at the parallel section of the foreign exchange (FX) market.

The figure represents a depreciation of N8 or 1.1 percent from the N740 it traded two weeks ago.

On Wednesday morning, Bureaux De Change (BDC) operators put the buying price of the dollar at N740 and the selling price at N748, leaving an N8 profit margin.

They said there was low demand for the greenback in the street market.

At the official market, the local currency closed flat against the dollar at N461.50/$ on Tuesday, according to details on FMDQ OTC Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria.

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) is expected to meet next week to determine the trajectory of the nation’s monetary policy and the economy at large.

(Nairametrics)

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