Lagos, July 12, 2023. The Nigerian currency, the naira, has depreciated to between N803 and N805 to the dollar at the parallel market in Lagos today.
It was being traded for between N803 and N805 to the dollar in many of the parallel market outlets on Lagos Island, Ikeja and Alimosho areas of Lagos.
Traders attributed the steady depreciation of the local currency against to dollar to higher demand for dollar, particularly by those travelling abroad for summer.
The value of naira has also been declining relative to the dollar since the reform of the official exchange market started in June.
It was traded at N463.38 to the dollar at the importers and Exports window of the CBN foreign exchange market on June 14 when the exchange rate convergence started.
Since then, the naira has also been depreciating steadily to the dollar at the I&E window of the CBN.
It was quoted at N788.42 to the dollar on Tuesday from the N744.07 quoted on Monday, according to statistics from the FMDQ. (GBN)
