The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.
The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.
Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.
“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.
At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.
Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.
The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.
The Federal High Court in Abuja has dismissed the treason charges brought against the…
What to know about the end of the #USElection2024 campaign The most recent polling analysis…
#US election 2024 Live Updates: What you need to know about USelection2024 latest polls •…
A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…
PHILADELPHIA/GRAND RAPIDS, Michigan (Reuters) -Donald Trump and Kamala Harris both predicted victory as they campaigned…
The Economic and Financial Crimes Commission (EFCC) arrested Ifeanyi Okowa, the immediate past governor of…