Business
Naira appreciates further, trades N1,025/$ at parallel market
The naira, on Monday, appreciated further at the parallel section of the foreign exchange market to N1,025 a dollar.
This represents an appreciation of N15 or 1.44 percent compared to the N1,040 it traded last Friday.
Speaking to newsmen in Lagos, currency traders, also known as Bureau De Change operators (BDCs), said the gain was due to reduced demand for the greenback.
The traders put the buying price of the dollar at N1,010 and the selling price at N1,025 — leaving a profit margin of N15.
“The demand for dollars is decreasing,” a trader who simply identified as Hamuc said.
Meanwhile, the local currency depreciated by 4.24 percent at the official market to close at N809.02 to the dollar on Monday — from N776.14/$ last Friday.
According to details on FMDQ Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria, the highest price recorded within the day’s trading was N1,100/$, while the lowest was N720.50.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
