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.

A BDC operator simply known as Atiku, in Ishaga, said he is selling the dollar at N1000; while Shehu, another street trader in Ogba, offered the same rate.

“Dollar is more expensive and scarce. In fact, if you are willing to sell, I will be willing to buy, even if it is at N990/$,” said a BDC operator at the Alade market in Ikeja.

At the official side of the market, the investors’ and exporters’ window (I & E), the local currency depreciated by 4.78 percent to close at N773.25 to the dollar on Monday.

According to details on FMDQ OTC Securities Exchange, a platform that oversees official FX trading in Nigeria, a total of $64.14 million FX transactions were made at the I&E window.

The last time the naira hit its lowest was on August 10 when it traded at N950.

The Cable