Naira exchanges for N1,280/$ on parallel market

Naira exchanges for N1,280/$ on parallel market

The naira was sold for N1,280 per dollar at the parallel section of the foreign exchange (FX) market on Friday.

This is a 5.19 per cent gain from the N1,350/$ reported on March 27.

Many currency traders also known as bureau de change (BDCs) operators confirmed that other major currencies had been recording a fall in the exchange rate compared the the naira.

They quoted the buying rate of the greenback as N1,260 and the selling price as N1,280 — with a profit margin of N20.

At the official section of the Forex market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

It said the naira was headed in the right direction, and the administration of Yemi Cardoso-led CBN was committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies.