Report: Naira falls to N1,120 per dollar in parallel market

Naira recorded yet another downward position to 1,120 per dollar at the parallel market on Tuesday.

While it traded N1,025 on Monday, the downward spiral figure represents a N95 or 9.27 percent depreciation compared to the Monday’s price.

Parallel market traders ramped a profit margin of N20 after pegging the buying price of the dollar at N1,100 and the selling price at N1,120.

Meanwhile, at the investors and exporters (I&E) window, the local currency depreciated by N60.89 or 7.53 percent against the dollar to close at N869.91 on Tuesday — from N809.02 on Monday. 

The greenback’s highest rate for the day was N1,100 and its lowest intra-day price was N700, according to FMDQ Securities Exchange – a platform that oversees foreign exchange trading in Nigeria