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On Friday, the Nigerian naira strengthened to N1,280 per dollar at the parallel segment of the foreign exchange (FX) market, marking a 5.19 percent appreciation from the N1,350/$ rate reported on March 27.
In Lagos, currency traders, commonly known as bureau de change (BDCs) operators, quoted the buying rate of the US dollar at N1,260 and the selling price at N1,280, indicating a profit margin of N20.
According to Aliyu, a currency trader interviewed by TheCable, the decline in the dollar’s price, along with other major currencies, has impacted their business, as some customers are opting to hold onto their currencies rather than exchange them.
However, at the official section of the FX market, the naira experienced a 0.69 percent depreciation to N1,309.39/$ on March 28, down from N1,300.43/$ on March 27.
Meanwhile, the Central Bank of Nigeria (CBN) announced on March 29 that the economy received over $1.5 billion in foreign exchange (FX) inflows this month, signaling the effectiveness of its monetary policy initiatives.
The CBN stated that the naira’s movement is positive, affirming the commitment of Yemi Cardoso’s administration, the CBN governor, to ensuring market stability and appropriate pricing of the naira against other major currencies globally.
