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Naira appreciates to N1,490/$ at parallel market, depreciates at official window

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The naira further appreciated to N1,490 at the parallel section of the foreign exchange (FX) market on Friday.

The naira further appreciated to N1,490 at the parallel section of the foreign exchange market on Friday.Bureaux de change operators who spoke to TheCable in Lagos quoted the buying price of the dollar at N1,460 and the selling price at N1,490 — leaving a profit margin of N30.

In the official market, the naira closed against the dollar at N1,483.29 on Friday — a 0.12 percent depreciation compared to the N1,481.49/$ recorded the previous trading day.According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the greenback exchanged for as high as N1,507 and as low as N1,399 during trading hours.Consequently, the gap between the black market and the official window was N6.

“We project that naira will average about N1,200/dollar this year and end the year around N1450/dollar. And in terms of next year, we see a gradual depreciation but it also depends largely on the foreign exchange reforms momentum,” Nonyane said.Advertisement Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

 

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