With N3 difference, parallel/official FX rates near convergence

THE CABLE

The naira depreciated to N1,470 per dollar at the parallel section of the foreign exchange (FX) market on Friday.

The current FX rate represents a 1.38 percent depreciation from the N1,450 traded on May 8.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,430 and the selling price at N1,470 — leaving a profit margin of N40.

At the official section of the FX market, the naira declined by 0.45 percent to N1,466.31 on Friday — from N1,459.73 on May 9.

FMDQ Exchange, a platform that oversees the official FX trading in Nigeria, said the naira recorded a high of N1,490 and a low of N1,322.

At the current rate, the dollar value at the parallel market surpassed the official window rate by N3.69.