Connect with us

Breaking

Naira hits N590/$1 at parallel market ahead of Easter break

Published

on

Naira notes1

With the declaration of April 15 and 18, 2022 as a public holiday to mark the Easter celebration, Nigeria’s local currency has further depreciated against the Dollar, exchanging for N590 to a Dollar at the parallel market.

The figure represents a depreciation of N3 or 0.5 per cent from the N587 it traded for the last two weeks.

According to parallel market traders, the buying price of the dollar as on Thursday is at N585 and the selling price at N590, leaving a N5 profit margin.

A BDC operator at Ikeja, simply identified as Musa, said there has been a surge in demand for the greenback because of the fast-approaching Easter holiday.

At the official market, the local currency depreciated by 0.01 per cent to close at N416.67/a dollar on Wednesday, according to details on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

There was huge pressure in the market as the local currency touched an intraday high of N410.00 and a low of N444.00 before closing at N416.67 on Wednesday.