Nigeria’s local currency, the naira, has set a new record, falling to its lowest against the dollar at the parallel market.
Currency traders in Lagos, also known as Bureaux De Change operators (BDCs), quoted the naira at N1,000 to the greenback at the street market.
The traders, on Tuesday, put the buying price of the dollar at N990 and the selling price at N1,000 — leaving a profit margin of N10 .
The figure represents a depreciation of N7 or 0.7 percent from the N993/$ it traded on Monday.
