Nigerian naira strengthens to N993/$ in parallel market

Official exchange rate drops to N847
Official exchange rate drops to N847

The Naira witnessed a positive turn as it strengthened to trade at N993 against the US Dollar.

This marks a notable appreciation of N2 or 0.20 percent compared to its previous rate of N995 recorded last Friday.

Bureaux De Change (BDC) operators have reported a decrease in the demand for the US Dollar within the street market.

Naira shows stability with N8 profit

Presently, the buying rate for the Dollar stands at N985, while the selling rate is at N993, resulting in an N8 profit margin.

One BDC operator operating in the Ikeja area of Lagos remarked, “I noticed that demand has reduced a bit, and this helped stabilize the price.”

Meanwhile, at the official foreign exchange market, the Naira exhibited a substantial 3.02 percent rise, concluding at N747.76 per US Dollar on Friday.

This data was reported by FMDQ OTC Securities Exchange, the platform responsible for overseeing official foreign exchange trading activities in Nigeria.