LIVE UPDATES
The naira traded at N1,620 on Thursday, extending its depreciation streak to five days at the parallel section of the foreign exchange (FX) market.
The local currency depreciated by 0.3 per cent from the N1,615 per dollar traded on July 17.
Currency traders, known as bureau de change (BDC) operators, quoted the buying rate of the naira as N1,600 and the selling rate at N1,620 — leaving a N20 profit margin.
According to the FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the local currency appreciated to N1,566.82 per dollar on Thursday — a 0.94 per cent decline from N1,581.65 traded the previous day.
The local currency traded at a high of N1,620 and a low of N1,500.
On July 11, the local currency appreciated at the black market to N1,530/$ — from the N1,550 traded on July 10.
Abruptly reversing the gain, the naira depreciated to N1,545 on July 12, and further to N1,555 on July 15.
Between July 16 and July 17, the local currency depreciated to N1,585 and N1,615, respectively.
The naira traded at N1,620 on Thursday, extending its depreciation streak to five days at the parallel section of the foreign exchange (FX) market.
The local currency depreciated by 0.3 per cent from the N1,615 per dollar traded on July 17.
