Naira appreciates 0.3% to N588/$1 at parallel market | TheCable

  • 📰 thecableng
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 80%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

The naira, on Thursday morning, appreciated against the dollar at the parallel section of the foreign exchange market.

Nigerian naira, on Thursday morning, appreciated against the dollar at the parallel section of the foreign exchange market.

Bureaux De Change operators, popularly known as “abokis’, who spoke to TheCable in Lagos, said the local currency gained N2 or 0.3 per cent to N588 at the street market.The traders put the buying price of the dollar at N583 and the selling price at N588, leaving a N5 profit margin.They attributed the appreciation in the value of the naira to low demand for the greenback by importers.by abokiFX — citizens have resorted to street traders for the current parallel market rates of the local currency.

But the Central Bank of Nigeria has consistently maintained that the parallel market represents less than one per cent of foreign exchange transactions and should never be used to determine Nigeria’s naira/dollar exchange. On the official market side, the local currency depreciated by 0.32 per cent to close at N418.33 on Wednesday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

No problem without solution,I'm hapi to announce to u that,I can cure Diabetes with Herbal mixture that work,100% effective with no side effects,not bitter,with the help of God and leafs,Diabetes will be a thing of past,my DM is open,u will never regret patronising me 08066341799

Hurray

Not in the black market I suppose.

This is the first time I am hearing this kind of news

Why Una no go appreciate ?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines