The Naira fell to N1,520 per Dollar at the Foreign Exchange(FOREX) parallel market on Monday, May 13, 2024.
The massive drop signifies a 3.4% decline from the N1,470 per Dollar traded on Friday, May 10, 2024.
Reports say Bureau de Change (BDC) operators fixed the buying and selling price of the Dollar at the rate of N1,490 and N1,520 respectively leaving a profit margin of N30.
The Naira depreciated by 0.80% against the Dollar to close at N1,478.11 on Monday at the official window.
The Financial Markets Dealers Quotation (FMDQ) Securities Exchange reports that an exchange rate of N1,490 to the Dollar was the peak rate recorded during the trading and the lowest was N1,322 per Dollar.
The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, has said that the apex bank is focusing on price and monetary stability adding, that the official Foreign Exchange market has been stabilised.
He said, “Investors previously had a tendency to head for the window in response to currency fluctuations, however, there has been a fundamental shift”.
He stated that investors are becoming more comfortable with the official window.