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Naira Watch

Naira gains, trades N770/$1 at parallel market

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The naira appreciated to N770 per dollar at the parallel section of the foreign exchange market on Tuesday.

The figure represents an appreciation of N15 or 1.9 per cent compared to the N780 it traded last week.

Bureaux De Change (BDC) operators, popularly known as ‘abokis’, who spoke, quoted the buying rate of the greenback at N770 and the selling price at N775 per dollar, leaving N5 profit margin.

READ ALSO:Naira records gain against US dollar

On the official market side, it was a different story as the local currency depreciated by 0.03 percent.

Data from FMDQ securities shows that the dollar at the Investors and Exporters (I&E) forex window was quoted at N445.50 on Tuesday as against the last close of N445.38 on Monday.

Most currency dealers who participated at the FX auction on Tuesday maintained bids between N431.00 (low) and N447.00 per dollar (high).

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