The Nigerian currency, the Naira, suffered further depreciation on Friday as it declined to N1, 700 per dollar at the parallel section of the foreign exchange market.
At the end of trading hours, the Naira was down by 1.49 percent compared to the N1, 675/$ traded on Thursday.
The N1, 700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1, 730/$.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1, 680/$ and the selling rate at N1, 700/$ — leaving a profit margin of N20.
At the official window, the local currency appreciated by 2.24 percent from N1, 576.1/$ on Thursday to trade at N1, 540.78 on Friday.
According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1, 691 and at a low rate of N1, 530 during trading hours.
