The Nigerian naira has further depreciated to ₦748 against the United States dollar at the parallel market, also known as the black or street market.
This represents an ₦8 or 1.1% drop from the ₦740 it traded two weeks ago.
Bureaux De Change (BDC) operators in the Victoria Island area of Lagos reported an increase in demand for the greenback by importers at the street market, with a buying price of ₦740 and selling price of ₦748, yielding an N8 profit margin.
Meanwhile, at the investors and exporters (I&E) forex window, the naira appreciated by 0.06 percent to close at ₦462.73 on Thursday, May 11, 2023, according to data on the FMDQ OTC Securities Exchange, where foreign exchange is officially traded.
The data also revealed that $164.12 million worth of forex were transacted among market dealers.