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    Tuesday, June 4, 2024

    Naira Depreciates at Parallel Market, Appreciates at Official Window

    The naira depreciated to N1,510 per dollar at the parallel section of the foreign exchange (FX) market on Monday.

    The current rate represents a drop of 1.34 percent from the N1,490/$ traded on May 31.

    Speaking to TheCable in Lagos, currency traders, also known as bureau de change (BDC) operators, quoted the buying rate of the greenback at N1,490 and the selling price at N1,510 — leaving a profit margin of N20.

    At the official window, the local currency appreciated by 0.66 percent to N1,476.12/$ on Monday — from N1,485.99 on May 31.

    According to FMDQ Exchange, a platform that oversees the official FX trading in Nigeria, the dollar exchanged for as high as N1,500 and as low as N1,250, during trading hours.

    The daily FX market turnover stood at $121.87 million.

    Meanwhile, on June 2, the International Air Transport Association (IATA) said 98 percent of trapped airlines’ funds in Nigeria has been cleared.

    Willie Walsh, IATA’s director-general, said a balance of $19 million is remaining to be cleared by the Central Bank of Nigeria (CBN).

    “We are on the right path and urge the government to clear the residual $19 million and continue prioritizing aviation,” he said.

    Walsh lauded the current Nigerian government and the CBN for their efforts to resolve the issue.

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