Naira gains ground, trades at N1,025/$ in parallel market

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Naira gains ground, trades at N1,025/$ in parallel market
Naira gains ground, trades at N1,025/$ in parallel market

The Naira experienced further appreciation at the parallel segment of the foreign exchange market on Monday, reaching a rate of N1,025 to a dollar.

This appreciation marks a gain of N15 or 1.44 percent when compared to the N1,040 rate observed the previous Friday.

Currency traders, commonly referred to as Bureau De Change operators (BDCs), based in Lagos attributed this positive trend to a decrease in the demand for the US dollar.

As per their assessment, the buying price for the dollar was N1,010, with a selling price of N1,025, providing a profit margin of N15.

One of the traders, identified as Hamuc, pointed out, “The demand for dollars is decreasing.”

In contrast, at the official exchange market, the local currency experienced a depreciation of 4.24 percent on Monday, closing at N809.02 to the dollar.

This is a notable decline from the N776.14/$ rate reported the previous Friday.

Detailed information from FMDQ Securities Exchange, the platform overseeing official foreign exchange trading in Nigeria, indicates that the highest price recorded during the day’s trading reached N1,100/$, while the lowest was N720.50.