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Naira appreciates against dollar at official window, parallel market

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The naira, on Monday, appreciated to N1,120 per dollar at the parallel section of the foreign exchange (FX) market.

Bureau de change operators, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,100 and the selling rate at N1,120 — leaving a profit of N20.

At the end of trading, the gap between the parallel market and the official window rates stood at N110.61.predicted that the naira would appreciate to N1,200 against the dollar in the next 12 months.“We thus see reason for the Naira to be undervalued, and we see it appreciating to 1200 within the next 12 months,”Nigeria is “turning the corner” following its recent currency crisis.

 

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