Naira depreciates further, exchanges at N1,510 to the dollar

When compared to the N1,490/$ exchanged on May 31, the current pricing reflects a loss of 1.34 percent.

Currency dealers, often referred to as bureau de change (BDC) operators, told Opinion Nigeria in Lagos that the buying rate of the US dollar was N1,490, and the selling price was N1,510, meaning there was a N20 profit margin.

The local currency increased by 0.66 percent at the official window on Monday, from N1,485.99 on May 31 to N1,476.12/$. The dollar swapped for as much as N1,500 and as little as N1,250 during trading hours, according to FMDQ Exchange, a platform that regulates the official foreign exchange trading in Nigeria.

The daily FX market turnover stood at $121.87 million.

Meanwhile, on June 2, the International Air Transport Association (IATA) said 98 percent of trapped airlines’ funds in Nigeria has been cleared.

Willie Walsh, IATA’s director-general, said a balance of $19 million is remaining to be cleared by the Central Bank of Nigeria (CBN).

“We are on the right path and urge the government to clear the residual $19 million and continue prioritizing aviation,” he said.

Walsh lauded the current Nigerian government and the CBN for their efforts to resolve the issue.