The naira on Wednesday, depreciated to N1,260 to the dollar at the parallel market, down from N1,220 per dollar on Tuesday.
Many bureau de change operations spoken to in Lagos quoted their selling price at N1260 to the dollar.
Meanwhile, as at 9:18 am on Thursday, Aboki Forex, an online platform that tracks realtime exchange rate listed the selling price of the local currency at N1,260 to the dollar, and the buying price at N1,245 to the dollar.
At the official Nigerian Foreign Exchange Market (NAFEM) window, the local currency also depreciated to N904.65 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N904.65 per dollar from N865.03 per dollar on Tuesday, indicating a N39.62 depreciation for the naira.
As a result, the gap between the official and parallel market exchange rates widened to N355.35 per dollar yesterday from N354.97 per dollar on Tuesday.
The volume of dollars traded on NAFEM increased by 22 percent to $120.89 million from $99.09 million traded on Tuesday.
Leave a Reply