The Nigerian naira, on Monday, depreciated further against the dollar at the parallel, exchanging at N745 to the dollar.
Bureaux De Change operators (BDCs) disclosed on Monday afternoon in Lagos that the naira is selling for N745 to the dollar at the street market.
The figure signifies a depreciation of N5 or 0.7 percent from the N740 it traded over a week ago.
The street traders put the buying price of the dollar at N735 and the selling price at N745, leaving a N10 profit margin.
“Demand is fair. People are not rushing to buy dollars at the moment,” one BDC operator in the Victoria Island area of Lagos told TheCable.
At the official market, the local currency fell by 0.11 percent to close at N446.50/$ on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.
The Central Bank of Nigeria (CBN) has continued to intervene in the official market to maintain the stability of the local currency.
An analysis of the CBN’s economic reports showed that the apex bank’s interventions in the forex market stood at $12.74 billion in the first eight months of 2022.
When compared with the same period in 2021, the interventions declined by 13.6 percent from $14.74 billion.