The naira yesterday fell to N620 per dollar at the parallel market amid the lingering scarcity of the greenback.
The figure represents a depreciation of N5 or 0.8 percent from the N615 it traded last week.
Bureaux De Change Operators (BDCs) said there was increased demand for the dollar by importers at the street market.
The traders put the buying price of the dollar at N614 and the selling price at N620, leaving a profit margin of N6.
According to the Central Bank of Nigeria (CBN), the parallel market is not a true reflection of the country’s exchange rate.
At the official market, checks showed that the naira also depreciated by 0.36 per cent to close at 424.58 to a dollar on Wednesday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.
As the Russia-Ukraine war escalates, global markets continue to face economic uncertainties.
