Naira gains momentum at parallel market, dips at official window

Forex market.
Forex market.
Naira gains momentum at parallel market, dips at official window

The naira, on Friday, appreciated to N1,470 per dollar at the parallel section of the market.

The current FX rate is a 2 percent increase from the N1,500 recorded on March 20.

RELATED NEWS

We’ve cleared genuine, verifiable forex backlogs – CBN

Two Binance executives arrested, detained over alleged forex manipulations

Forex crisis: Nigerians pay less than half allocated Hajj seats as payment closes

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,430 and the selling price at N1,470 — leaving a profit margin of N40.

Speaking to TheCable on Friday, currency traders said the recent appreciation of the local currency led to a reduction in customers.

“We don’t have customers like before and some BDC traders who bought the currency when the price was high would rather keep it,” a trader who identified as Abdullahi said.

“The rate was also not stable today.”

At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency dropped by 3.58 percent to N1,431.49/$ on Friday — from N1,382/$ on March 21.

The dollar rate rose as high as N1,468, while the lowest rate for the day was N1,301 at the official market.

Meanwhile, the Central Bank of Nigeria (CBN), on March 20, said it successfully settled all outstanding foreign exchange (FX) obligations.

Consequently, on March 21, foreign airlines in Nigeria, under the aegis of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), asked the apex bank to provide details on the payment, especially to foreign airlines.

__________________

We do hope that the information we were able to provide you are helpful. Checkout out other unique articles on our blog for more detailed information and do well to share with your friends and family. Follow us on our Twitter and Facebook to stay updated with premium information.

Please leave any comments or questions in the area given below.

DISCLAIMER: The views and opinions expressed in Fact Check are those of the authors and do not necessarily reflect the official policy or position of Fact Check. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any religion, ethnic group, club, organization, company, individual, or anyone or anything.

Information is presented to the best of our knowledge and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose. Therefore, any reliance you place on such information is strictly at your own risk.

__________________

We do hope that the information we were able to provide you are helpful. Checkout out other unique articles on our blog for more detailed information and do well to share with your friends and family. Follow us on our Twitter and Facebook to stay updated with premium information.

Please leave any comments or questions in the area given below.

DISCLAIMER: The views and opinions expressed in Fact Check are those of the authors and do not necessarily reflect the official policy or position of Fact Check. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any religion, ethnic group, club, organization, company, individual, or anyone or anything.

Information is presented to the best of our knowledge and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose. Therefore, any reliance you place on such information is strictly at your own risk.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here