The naira, on Friday, dropped to N1,431.49/$ on FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria.
This is a depreciation of 3.58 per cent from N1,382/$ that it was the previous day.
The dollar rate rose as high as N1,468, while the lowest rate for the day was N1,301 at the official market.
Conversely, the naira ppreciated to N1,470/$ at the parallel section of the market.
Some Bureau de Change (BDC) operators said they were buying the dollar at the rate of N1,430 and selling at N1,470 — leaving a profit margin of N40.
They, however, decried the lull in business, following the appreciation of the naira, saying it had resulted in low patronage.
The traders further revealed that those who bought dollars when the exchange rate was high were holding onto it, in order not to sell and incur losses.
