NAIJA NEWS
The Nigerian naira appreciated significantly in the parallel foreign exchange (FX) market on Monday, strengthening to N1,250 against the US dollar.
This improvement represents a 0.43 percent increase from the N1,280 rate recorded on March 29.
In Lagos, currency traders, commonly referred to as bureau de change (BDC) operators, set the buying rate of the US dollar at N1,230 and the selling rate at N1,250, thereby earning a profit margin of N20 per dollar traded.
A currency trader, Aliyu, who spoke with TheCable, said, “The dollar keeps declining, and it is affecting business, but business is picking up gradually.”
At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.
