The naira on Monday further weakened to N871 to the dollar at the parallel section of the foreign exchange market.
The drop represents a depreciation of NGNGN6 or 0.7 percent compared to the NGN865/$ it traded last week.
According to TheCable, Bureaux De Change (BDC) operators in Victoria Island area of Lagos quoted the buying rate of the greenback at NGN865 and the selling price at N871 per dollar, leaving a N6 profit margin.
Aliyu, a currency trader in the Agbara area of Ogun state, said that buying and selling prices stood at N865/$ and NGN870/$, respectively.
He said there was still high demand for the greenback in the street market.
At the investors and exporters (I&E) forex window, the local currency appreciated by 2.43 percent to close at NGN756.94/$ on Monday, according to details on FMDQ Securities Exchange — a platform where FX is officially traded.
The currency has closed at NGN775.76 to a dollar on Friday.
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