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The naira, on Wednesday, March 22, appreciated to N746 per dollar at the parallel section of the foreign exchange market.
The figure represents an appreciation of N6 or 0.8 percent compared to the N752 it traded three weeks ago.
Some currency traders, also known as Bureaux De Change operators (BDCs), while speaking on Wednesday, said that there was low demand for the greenback in the street market.
The traders put the buying price of the dollar at N740 and the selling price at N746, leaving a profit margin of N6.
Meanwhile, the local currency appreciated by 0.11 percent at the official market to close at N461.50 on Wednesday, according to details on FMDQ OTC Securities Exchange, a platform that oversees official foreign exchange trading in Nigeria.
Data from the platform showed that while the market opened with an exchange rate of N461.56 to the dollar, the highest price recorded was N544.50 per dollar within the day’s trading before it settled at N461.50.
A total of $431.77 million was traded in foreign exchange at the official investors and exporters window (I & E) window.
Source: TheStreetJournal | Read More from Thestreetjournal.org
