The naira weakened further in the parallel market on Wednesday, trading at ₦1,705 per US dollar, according to Bureau De Change (BDC) operators in Lagos and Abuja.
Aliyu Sani, a BDC operator in Lagos, told the Punch that he sold dollars for ₦1,705 and bought them at ₦1,695. Meanwhile, in Abuja, the rate was slightly lower, with the dollar selling at ₦1,700.
Another currency trader, Suraju Ajao, confirmed similar figures, saying he sold dollars at ₦1,700 and bought at ₦1,690.
On the Nigerian Autonomous Forex Exchange Market (NAFEX) facilitated by FMDQ Securities, the naira closed at ₦1,659.69 per dollar, reflecting a 0.04% depreciation from the previous day’s ₦1,658.97.
In the official market, the naira fluctuated between a high of ₦1,682 and a low of ₦1,562.97.
Turnover in the market also decreased, dropping from $217.86 million on Tuesday to $177.10 million.
Earlier in the week, the naira hit a new low of ₦1,700 per dollar, marking a 0.29% decline from its previous close of ₦1,695 last Friday.
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