Naira's value fluctuates as it depreciates to N1,550 against the dollar in the parallel market while appreciating to N1,459.02 at the official window. Currency traders quote rates in Lagos, amid a $289.14 million daily turnover. Meanwhile, EFCC raises concerns over foreign currency transactions in Nigeria, aiming to curb abuse
In Lagos, Nigeria's financial hub, the Naira faced a downward spiral against the dollar, plunging to N1,550 in the parallel FX market, a 1.95% drop from May 13. Meanwhile, at the official window, it surged by 4.21% to N1,459.02. Amidst this, street traders quoted rates at N1,510/$ for buying and N1,550/$ for selling, with a profit margin of N40.
The FMDQ Exchange reported varying rates, from N1,401 to N1,593 per dollar, with a daily turnover of $289.14 million. Concurrently, the EFCC flagged concerns over foreign currency transactions, alleging that foreign missions in Nigeria engage third parties, a practice deemed illegal under Nigerian law.
Wilson Uwujaren, EFCC's acting director of public affairs, highlighted the agency's commitment to curbing such abuses and discouraging dollar transactions within Nigeria.
