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The official foreign exchange window also saw the naira weaken, with the rate depreciating by 1.38 per cent to ₦1,169.99 against the dollar from ₦1,154.08 per dollar on April 18.
This downturn in the naira’s value interrupts its steady climb in the street market, which had been ongoing since March 20, when the exchange rate was notably higher at ₦1,500 per dollar.
Currency traders in the parallel market, commonly known as bureau de change (BDC) operators, have adjusted their rates accordingly, with the buying rate set at ₦1,200 and the selling rate at ₦1,230, maintaining a profit margin of ₦30..
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