Naira falls to N614/$ at parallel market
June 28,2022
The Nigerian naira has further depreciated to N614 against the dollar at the parallel section of the foreign exchange market.
The figure signifies a depreciation of N7 or 1.2 percent compared to the N607 it traded last two weeks
Bureaux De Change operators (BDCs) said they purchase the greenback at N608/$, make a gain of N6, and then sell at N614
At the official market, the naira also depreciated by 0.21 percent to close at N421/$ on Monday, according to information obtained from FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading, TheCable reported.
Nigeria operates multiple exchange rate windows ranging from the importers and exporters window (I&E) window, where forex is traded between exporters, investors, and purchasers of forex, the SMEIS window where forex is sold to importers, and others
