The current FX rate is a 2 percent increase from theCurrency traders in Lagos, also known as bureau de change operators, quoted the buying rate of the greenback at N1,430 and the selling price at N1,470 — leaving a profit margin of N40.
Speaking to TheCable on Friday, currency traders said the recent appreciation of the local currency led to a reduction in customers.“We don’t have customers like before and some BDC traders who bought the currency when the price was high would rather keep it,” a trader who identified as Abdullahi saidAt the FMDQ Exchange, a platform that oversees official foreign exchange trading in Nigeria, the local currency dropped by 3.58 percent to N1,431.49/$ on Friday — from N1,382/$ on March 21.
Consequently, on March 21, foreign airlines in Nigeria, under the aegis of the Association of Foreign Airlines and Representatives in Nigeria ,Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!