Home Business Economy Naira appreciates in parallel market, trades at N1,150/$

Naira appreciates in parallel market, trades at N1,150/$

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The Naira, on Friday, appreciated to N1,150 per US dollar at the parallel section of the foreign exchange market.

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 11th April.

“The dollar is falling and it is not my fault. It is how the foreign exchange market is now”, a BDC operator, Lawal said.

Also, FMDQ Exchange, a platform that oversees official foreign exchange trading in the country, said the naira rose by 7.16 per cent 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 Central Bank of Nigeria (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 Monday.

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 US dollar.

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