July 21, 2024

On Monday, the naira rose further in the parallel foreign exchange (FX) market.

Currency vendors, also known as bureau de change (BDC) operators, offered the naira for N1,100 per dollar in Lagos’ street market.

The dealers fixed the dollar’s purchasing price at N1,070 and its selling price at N1,100, yielding a profit margin of N30.

The figure represents a 4.34% increase from the N1,150/$ exchange rate 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.

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