Naira Appreciates At Parallel Market (DETAILS)

Naira Appreciates At Parallel Market (DETAILS)

The naira has sustained its momentum at the parallel market, appreciating N710 per dollar in Lagos on Friday.

The development represents N115 or 13.9 percent gain compared to the N825 to a dollar it traded on Wednesday.

Bureaux De Change operators (BDCs) in the Ikeja area of Lagos, who spoke, quoted the buying rate of the greenback at N700 and the selling price at N710 per dollar, leaving an N10 profit margin.

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The traders said there was moderation in demand for dollars by citizens.

Last week, the naira weakened to almost N900 per dollar, pressured by the planned currency redesign by the Central Bank of Nigeria (CBN) and the subsequent Economic and Financial Crimes Commission (EFCC) clampdown on FX dealers.

At the official market, the local currency depreciated 0.10 percent against the dollar to close at N446.10 on Thursday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.

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