Naira Further Appreciates To N1,150/$1 At Parallel FX Market
The Nigerian Naira, on Monday, appreciated further at the parallel section of the market to N1,150 a dollar.
Today’s development signals an appreciation of N80 or 6.5 percent compared to the N1,230 it traded last Friday.
Currency traders, also known as Bureaux De Change operators (BDCs), told newsmen in Lagos that the scarcity of the dollar was beginning to have its resultant effect on the black market.
The traders put the buying price of the dollar at N1,120 and the selling price at N1,150 — leaving a profit margin of N30.
“Dollar is gradually returning to the market. We are seeing more dollars,” a trader who identified himself as Aliyu said.
Sodiq Yusuf is a trained media practitioner and journalist with considerable years of experience in print, broadcast, and digital journalism. His interests cover a wide range of causes in politics, governance, sports, community development, and good governance.
