THE Nigerian naira has depreciated to about N1,500 at the parallel market. The rate is a 3.45 per cent decrease from the N1,450 per dollar recorded on Monday.
According to media reports, currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the dollar at N1,490 and the selling price at N1,500 — leaving a profit margin of N10.
According to FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the naira traded as high as N1,510 and as low as N896.28 — with a daily turnover of about $203.93 million.
Meanwhile, on February 1, 2024, the Central Bank of Nigeria (CBN) continued its foreign exchange market reforms by removing the limit on the FX rate quoted by International Money Transfer Operators (IMTOs).
“For the avoidance of doubt, by this circular, the cap on allowable limit of -2.5% to +2.5% around the previous day’s closing rate of the Nigerian Foreign Exchange Market is hereby removed,” the Apex Bank said.
CBN instructed the money transfer operators to quote exchange rates based on the prevailing market rates at the FX market.
