On Wednesday, the naira experienced a depreciation to N1,300 per dollar in the parallel section of the foreign exchange (FX) market, marking a 3.17 percent decline from the N1,260 recorded on April 22.

Currency traders, operating as bureau de change (BDC) operators, set the buying rate at N1,260 and the selling price at N1,300, maintaining a profit margin of N40.

Meanwhile, at the official window, the naira dropped to N1,308.52 against the dollar, reflecting a 0.64 percent decrease from the N1,300.15 traded on April 23.

According to data from the FMDQ Exchange, the naira reached a low of N1,367 and a high of N1,098. Despite this, the official window rate remains N8.52 lower than that of the parallel market.

The Central Bank of Nigeria (CBN) recently adjusted the FX rate for dollar allocations to BDC operators, selling $10,000 at the rate of N1,021/$ to each BDC. This move follows previous adjustments, including the sale of FX at N1,101/$ on April 8, compared to N1,251 offered to parallel market operators on March 25 and N1,301 announced on February 27.