Naira appreciates to N1,100/$ in parallel market

The naira rose further on Monday in the parallel section of the foreign exchange (FX) market.

At the Lagos street market, currency traders, also known as bureau de change (BDC) operators, quoted the naira at N1,100 to the greenback.

The traders put the buying price of the dollar at N1,070 and the selling price at N1,100 — leaving a profit margin of N30.

The figure represents an appreciation of N50 or 4.34 percent from the N1,150/$ it traded on April 12.

At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency rose by 5.72 percent or N69.02 to N1,136.04/$ on Monday — from N1,205.06/$ on April 12.

On April 11, the presidency said President Bola Tinubu’s multi-faceted approach to eliminating foreign exchange (FX) racketeering is strengthening the naira against global currencies.

In a statement on Wednesday, Ajuri Ngelale, special adviser to the president on media, said the country’s financial position will improve, leading to the possibility of Nigerians experiencing a stronger naira and a decrease in the prices of goods.

“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board,” Ngelale said.

On April 12, Goldman Sachs Group said the naira could extend gains to trade below N1,000 to the dollar.