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.
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Not in the black market I suppose.
This is the first time I am hearing this kind of news
Why Una no go appreciate ?