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The naira, on Wednesday, appreciated at the parallel section of the foreign exchange market, gaining 6.25 percent to trade at N1,350 per dollar.
Currency traders in Lagos, also known as bureau de change operators , quoted the buying rate of the greenback at N1,300 and the selling price at N1,350 — leaving a profit margin of N50.5.97 percent to N1,300.43/$ on Wednesday — from N1,382.95 on March 26. At the FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded a high of N1,460 and a low of N1,200.With a N50 difference, the official and parallel market exchange rates are nearing convergence — a situation that could dry up street market patronage in favour of the official side.
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