Naira appreciates to N740/$ at parallel market

The naira, on Wednesday morning, appreciated to N740 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market.

The figure signifies a N10 or 1.3 percent gain compared to the N750 it traded last week.

Bureaux De Change operators (BDCs) said they purchase the greenback at N725/$, make a gain of N15 and then sell at N740/$.

The street traders attributed the appreciation of the currency to moderation in demand for dollars by importers and a slight improvement in supply during the festive season.

“We have dollars and people are coming to buy. But the customers are not buying plenty dollars,” a BDC operator at Alade Market in Ikeja, Lagos.

Meanwhile, at the investors and exporters (I&E) forex window, the local currency depreciated by 0.05 percent to N456.50/$ on Friday (the last trading day), according to data from the FMDQ OTC Securities Exchange — a platform that oversees official foreign exchange trading in Nigeria.

A total of $155.86 million was traded at the exchange last Friday — a 39.95 percent increase compared to the $111.37 million recorded on Thursday.

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