The naira, on Saturday, appreciated to N1,150 per dollar at the parallel section of the foreign exchange (FX) market.
Currency traders in Lagos, also
known as bureau de change (BDCs) operators, quoted the buying rate of the
greenback at N1,110 and the selling price at N1,150 — leaving a profit margin
of N40.
The naira appreciated by 0.86
percent from the N1,160 recorded on April 11.
“The dollar is falling and it
is not my fault. It is how the FX market is now,” Lawal, a BDC operator, said.
Also, FMDQ Exchange, a platform
that oversees official foreign exchange (FX) trading in Nigeria, said the naira
rose by 7.16 percent or N88.23 to N1,142.38/$ on Friday — from N1,230.61/$ on
Monday.
The appreciation of the naira
is coming a few days after the CBN opened the third tranche of sales to BDC
operations.
The apex bank began the sale of
foreign exchange to BDC operators at the rate of N1,101/$ on April 8.
Also, on the same day, the CBN
directed all banks to stop the use of foreign currency-denominated collaterals
for naira loans.
The financial regulator is
intensifying its efforts to boost liquidity and strengthen the naira.
Meanwhile, earlier today,
Goldman Sachs Group Inc. said the naira could extend gains to trade below
N1,000 to the dollar.
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