Naira sells N1,770/$ at parallel market, 1,665/$ official window

Naira-dollar

Naira sells N1,770/$ at parallel market, 1,665/$ official window

Naira on Friday closed at N1,770 against the US dollar at the parallel foreign exchange market.

This shows an appreciation by N90 or 4.84 percent, compared to the N1,860 per dollar reported on February 21, 2024.

Operators at the black market as the parallel market is called gave the buying price of the naira as N1,730 and the selling price N1,770, with a profit margin of N40.

It was however a different story at the official window where the naira depreciated by 5.99 percent to close at N1665.50/$ on Friday against N1,571.31/$ on February 22.

The naira has been on a free fall against the dollar and other major currently since January despite measures introduced by the Central Bank of Nigeria to stem the slide.

A few days ago, it was above N190/$ and there were fears it was going to hit the N200 mark before the end of February.

Trends Admin