Naira Gains Value In The Parallel Market To N1,280/$

On Friday, the value of the naira increased to N1,280 per dollar on the parallel market for foreign exchange (FX).

The N1,350/$ announced on March 27 represents a 5.19 percent rise in the FX rate.

The purchase rate of the US dollar was stated by currency dealers in Lagos, often referred to as bureau de change (BDC) operators, at N1,260, and the selling price at N1,280, leaving a N20 profit margin.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader.

The local currency lost 0.69 percent of its value at the official portion of the foreign exchange market, from N1,300.43/$ on March 27 to N1,309.39/$ on March 28.

On March 29, the Central Bank of Nigeria (CBN) announced that the economy had received over $1.5 billion in foreign exchange (FX) inflow this month, demonstrating the success of its monetary policy measures.

The governor of the CBN, Yemi Cardoso, is dedicated to maintaining market stability and setting the naira fairly versus other major currencies globally, according to the apex bank, which stated that the naira is moving in the correct way.