The Nigeria currency depreciated to 1500 at the parallel market compared to N1,433 on Tuesday.
The currency changer in Lagos known as Bureau De change quoted the buying of Niara at N1,490 and selling at N1500 having a profit margin of N10.
According to data from NAFEM, traders at the Forex market quoted an intra-day high of N1,510 per dollar and an intra-day low of N826.28. The depreciation at the parallel market comes as Forex inflow declined by 56.17% to $203 million.
On February 1, 2024, the Federal Government of Nigeria continued it foreign exchange market reform by removing it FX rate quoted by international money transfer operation (IMTOs)
CBN said “For the avoidance of doubt, by this circular, the cap on allowable limit of -2.5% to +2.5% around the previous days closing rate of the Nigerian foreign Exchange Market is herby removed”
CBN instructed the money transfer operator to quote exchange rate base on prevailing market rate at the FX market.