Forex Crisis: Naira Gains Value At The Parallel Market, Reaching N1,650/$
The value of the Naira increased by 6.78 percent, or N120, in relation to the N1,770/$ exchanged on February 23, 2024.
In the parallel segment of the foreign exchange (FX) market on Monday, the value of the naira increased further to N1,650 per dollar.
The value of the Naira increased by 6.78 percent, or N120, in relation to the N1,770/$ exchanged on February 23, 2024.
The buying and selling prices of the dollar at N1,650 and N1,600, respectively, are stated by Bureau De Change operators (BDCs) in Lagos, yielding a $50 profit margin.
“The rate is getting better. But the rate might still go higher as there is still scarcity,” a trader named Aliyu, said.
The local currency increased 4.96 percent at the official window, closing at N1,582.94/$ on Monday, from N1,665.5/$ on February 23.
Data from FMDQ Exchange, a platform that manages official foreign exchange trading in Nigeria, supports this.
The difference between the two FX markets was N67.06 at the current exchange rate, down from N104.5.
The Central Bank of Nigeria (CBN) published new guidelines for Bureau De Change (BDC) operators a few days prior to the current development.
The source of foreign exchange sold to BDC operators for $10,000 or more, as per the guidelines set forth by the Apex Bank, must be disclosed.
The bank also set restrictions on BDC operators' ability to sell foreign currency.
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