The naira depreciated to N1,520 per dollar at the parallel section of the foreign exchange (FX) market on Monday. This signifies a 3.4 percent decline from the N1,470/$ traded on May 10. The bureau de change (BDC) operators, popularly known as street traders, put the buying price of the dollar at N1,490 and the selling price at N1,520 — leaving a profit margin of N30. At the official window, the local currency depreciated by 0.80 percent against the dollar to close at N1,478.11 on Monday — from the N1,466.31 traded…
Read MoreNAIRA DEPRECIATES FURTHER AT PARALLEL MARKET, TRADES AT N1,520/$
