The Nigerian Naira witnessed a considerable depreciation in value against the US Dollar on Monday, April 22, 2024, with rates reaching ₦1,260 per dollar in the parallel foreign exchange (FX) market.
This marks a notable decrease of 2.44 percent from the previous rate of ₦1,230 per dollar recorded on April 19.
In the parallel market, currency traders, commonly known as bureau de change (BDC) operators, are buying the dollar at ₦1,230 and selling it at ₦1,260, maintaining a profit margin of ₦30 per dollar.
The naira’s weakening is even more pronounced in the official FX window, where it depreciated to ₦1,234.49 per dollar on Monday. This represents a 5.51 percent drop from the rate of ₦1,169.99 per dollar seen on April 19, according to data from the FMDQ Exchange, the oversight platform for official FX trading in Nigeria.
During this period of volatility, the naira traded as high as ₦1,295 and as low as ₦1,051 on the FMDQ Exchange.
