Currency traders, known as bureau de change operators, quoted the buying rate at N1,200 and the selling price at N1,230 — leaving a profit margin of N30.
“The price of the dollar against naira increased since yesterday, probably due to the fact that there has been an increased demand since yesterday,” Aliyu, a BDC operator, said.Meanwhile, the decline ended the upward trend of the naira at the street market since March 20, when theAt the official window, the naira depreciated to N1,169.99 against the dollar on Friday — a 1.38 percent drop from the N1,154.08/$ traded on April 18.
The local currency traded at a high of N1,236 and a low of N1,021, according to FMDQ Exchange, a platform that oversees official FX trading in Nigeria.The development comes a day after the Central Bank of Nigeria denied selling FX to BDC operators at the rate of N1,001/$1.on X on April 18, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of N1,001/$1 was “fake”.
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