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.
What is the Dollar to Naira Exchange rate at the black market also known as…
Son of Bishop David Oyedepo, founder of Living Faith Church, Isaac, has confessed to struggling…
Lauretta Onochie, a former Media Aide to ex-President Muhammadu Buhari, has stated that the reelection…
JERUSALEM (AP) — Israeli Prime Minister Benjamin Netanyahu is under mounting pressure from his own War Cabinet…
Nigerian media personality Daddy Freeze has reacted to clergyman, Pastor Paul Enenche shocking revelation on the…
Governor Sim Fubara of Rivers State has declared that his administration has recorded giant strides…