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.
