The Nigerian naira, on Tuesday, dipped yet again and exchanged at the rate of N1,900 to the dollar at the parallel section of the foreign exchange (FX) market.
It was a decline by 9.83 percent from the N1,730 recorded on Monday. Currency traders, also known as Bureau de Change (BDC) operators, quoted the buying rate at N1,850 and the selling rate at N1,900 — leaving a profit margin of N50.
“We don’t understand the rate and it will get more expensive tomorrow,” a trader known as Aliyu said. Meanwhile, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency recovered to N1,551.24 per dollar on Tuesday.
The rate represents a 2.9 percent appreciation from the N1,598.54 traded on Monday. According to data from the FMDQ Securities Exchange — a platform that oversees FX trading in Nigeria — the local currency hit an intra-day high of N1,701 and a low of N1,100.
