THE CABLE
The naira depreciated in the parallel section of the foreign exchange (FX) market on Friday.
At the Lagos street market, currency traders, also known as bureau de change (BDC) operators, said the naira depreciated to N1,485 against the dollar.
The black market traders put the buying price of the dollar at N1,460 and the selling price at N1,485 — leaving a profit margin of N25.
This represents N5 or 0.34 percent depreciation compared to the N1,480/$ reported on May 10.
At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency depreciated by 0.44 percent or N6.48 to N1,482.72/$ on Friday — from N1,476.24/$ on May 13.
The dollar traded as high as N1,490/$ and as low as N1,390 during trading hours.
The daily FX market turnover stood at $183.47 million
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