Naira depreciates in parallel market, official window

The naira depreciated to N1,320 per dollar at the parallel section of the foreign exchange market on Friday.Currency traders, known as bureau de change operators, quoted the buying rate at N1,260 and the selling price at N1,320 — leaving a profit margin of N60.

At the official window, the local currency depreciated by 2.24 percent to N1,339.23 against the dollar on Friday, from N1,309.88 on April 25.According to FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market , also known as the official window, during trading hours, a dollar was sold as high as N1,410 and at a low rate of N1,051.asked

the federal government to develop policies that will strengthen the naira and foster economic growth in Nigeria. “We are here to brainstorm innovative strategies for strengthening the naira, assessing progress, identifying challenges, and formulating practical solutions,” Obegolu said.He pledged that the recommendations from the roundtable will be diligently conveyed to the relevant authorities for implementation.

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Source: News Formal (newsformal.com)

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