THE CABLE
The naira, on Wednesday, appreciated to N737 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market.
The figure indicates a N9 or 1.2 percent gain compared to the N746 it traded three weeks ago.
The currency had maintained stability against the U.S dollar in the past couple of weeks at N745/$- N746/$ before its recent appreciation.
Speaking to TheCable in the Victoria Island area of Lagos, Bureaux De Change operators (BDCs) said they purchase the greenback at N730/$, make a gain of N7 and then sell at N737/$.
The street traders attributed the appreciation of the local currency to low demand for dollars by customers.
Also, the naira gained 0.08 percent to close at N462.88/$ at the investors and exporters (I&E) forex window on Tuesday, according to data published by FMDQ, a platform where FX is officially traded.
The data also showed that forex worth $80.90 million were…
