Naira appreciates to N752 per dollar at parallel market

The naira, on Thursday, appreciated to N752 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market.

The figure indicates an N10 or 1.3 percent gain compared to the N766 it traded last week.

According to TheCable revealed that the Bureaux De Change operators (BDCs) in the Victoria Island area of Lagos, said they purchase the greenback at N745/$, make a gain of N7, and then sell at N752/$.

The street traders attributed the appreciation of the local currency to the low demand for dollars by customers.

 “No demand since two days before the election. The election ended but there is still no demand. People are not buying but the dollar is available in the market,” one trader said.

Also, at the investors and exporters (I&E) forex window, the local currency appreciated by 0.14 percent to N461.35/$ on Wednesday, according to data from the FMDQ OTC Securities Exchange – a platform that oversees official foreign exchange trading in Nigeria.

A total of $98.60 million was traded at the exchange on Wednesday — a 105.03 percent increase compared to the $48.09 million recorded on Tuesday.

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