Naira appreciates to N752/$ at parallel market as dollar demand shrinks | TheCable
The naira, on Thursday, appreciated to N752 per dollar at the parallel section of the foreign exchange market, popularly called the black market.Speaking to TheCable in the Victoria Island area of Lagos, Bureaux De Change operators said they purchase the greenback at N745/$, make a gain of N7 and then sell at N752/$.
The street traders attributed the appreciation of the local currency to low demand for dollars by customers.“No demand since two days before election. Election ended but there is still no demand. People are not buying but dollar is available in the market,” one trader told TheCable. Also, at the investors and exporters forex window, the local currency appreciated by 0.14 percent to N461.35/$ on Wednesday, according to data from the FMDQ OTC Securities Exchange – a platform that oversees official foreign exchange trading in Nigeria.
A total of $98.60 million was traded at the exchange on Wednesday — a 105.03 percent increase compared to the $48.09 million recorded on Tuesday.
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