Forex: Naira sells at N1,500/$ parallel market

Forex: Naira sells at N1,500/$ parallel market

Naira traded at N1,500/$ on Wednesday at the parallel market, representing a gain of 9.09 percent from N1,650/$ recorded on Monday.

The Bureau de Change (BDC) operators, quoted the buying rate at N1,450 and the selling price at N1,500 — leaving a profit margin of N50.

At the country’s official window, the naira also appreciated to N1609.51 against the dollar on Wednesday — a 1.67 percent increase from the N1,582.94/$ traded on Monday.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has said the naira is undervalued largely due to distortions by perpetrators in the foreign exchange market.

“As and when we come up with these distortions, we will take them off and throw them away and where there are distortions that come about as a result of bad behaviour, we will ensure that those who do it will face the music as a deterrent to ensure that others in future do not take that route,” Cardoso said.