The naira experienced a decline in value at the parallel section of the foreign exchange (FX) market on Wednesday, interrupting its recent appreciation trend.
From May 17 to May 20, the naira saw a significant appreciation, strengthening from N1,550/$ to N1,490 per dollar.
However, on Wednesday, the local currency depreciated by 1.66 percent, falling to N1,505 against the dollar.
Bureau de Change (BDC) operators, commonly referred to as street traders, reported the buying price of the dollar at N1,480 and the selling price at N1,505, resulting in a profit margin of N25.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), known as the official window, the naira showed a marginal recovery, appreciating by 0.21 percent to N1,462.59/$ from the previous rate of N1,465.68/$ recorded on May 21.
During intra-day trading, the naira experienced fluctuations, appreciating as high as N1,531/$ and depreciating as low as N1,401/$, according to data from the FMDQ Securities Exchange, which oversees FX trading in Nigeria.
