Eko Hot Blog reports that the Nigeria’s official currency, the Naira, on Monday, appreciated to N1,250 per dollar at the parallel section of the foreign exchange (FX) market.
The FX rate is a 0.43 percent increase from the N1,280 recorded on March 29.
Editor’s Picks
Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,230 and the selling price at N1,250 — leaving a profit margin of N20.
“The dollar keeps declining against the Naira and it is affecting business but business is picking up gradually,” a currency trader named Aliyu said.
At the official section of the FX market, the Naira depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.
Meanwhile, Aminu Gwadabe, president, Association of Bureau de Change Operators of Nigeria (ABCON), on March 31, said the recall of members into the FX market has led to stability in the exchange rate.
Further Reading
“The reconsideration of the BDCs into the mainstream foreign exchange market has not only cleared illegal economic behaviours of hoarding, rent-seeking, round tripping and FX holding position, and led to the emergence of exchange rate convergence,” Gwadabe said.
Gwadabe also said the increase in FX inflows through the CBN’s monetary tools boosts foreign reserves, granting the apex bank the power to defend the local currency.
Click To Watch Our Video Of The Week
Every Christmas brings a feeling of nostalgia as Christian families prepare for exchange of gift…
A dispute between two brothers, Richard and John Nwofia, has taken an unexpected turn with…
Hon. Monsuru Akinloye has commended Epe Club for its remarkable contributions to the development of…