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 said.
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.
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