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Naira Strengthens Against Dollar: Hits N1,280 At Parallel Market




In a positive turn of events, the Nigerian naira experienced a notable appreciation on Friday, reaching N1,280 per dollar in the parallel foreign exchange (FX) market. This marks a significant 5.19 percent increase from the N1,350/$ rate recorded on March 27, indicating a strengthening of the local currency.

Currency traders, commonly known as bureau de change (BDCs) operators in Lagos, quoted the buying rate of the dollar at N1,260, with a selling price of N1,280, providing a profit margin of N20. Despite this upward trend, some traders expressed concerns over a decline in business due to customers opting to retain their foreign currencies rather than exchange them.

“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,” remarked Aliyu, a currency trader.

Contrarily, at the official segment of the FX market, the naira depreciated by 0.69 percent to N1,309.39/$ on March 28, down from N1,300.43/$ on March 27.

In a separate development, the Central Bank of Nigeria (CBN) announced on March 29 that the economy had recorded over $1.5 billion in foreign exchange inflow for the month, highlighting the effectiveness of its monetary policy initiatives. The CBN reiterated its commitment to maintaining market stability and ensuring appropriate pricing of the naira against major currencies worldwide under the leadership of Yemi Cardoso, the CBN governor.

This recent surge in the naira’s value at the parallel market signals a positive trajectory for Nigeria’s foreign exchange landscape, offering hope for economic stability and growth in the near future.

I have been reporting on latest news from Nigeria for almost 10 years now. I report on every possible news area I come across, but always ensure my reports are compiled with dignity and fact to uphold my personal values and duty as a journalist

Posted: at 30-03-2024 12:37 PM (yesterday at 12:37 PM) | Addicted Hero

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