The Nigerian naira experienced a notable upswing, reaching N1,280 per dollar in the parallel section of the foreign exchange (FX) market on Friday.
This development marks a significant 5.19 percent appreciation from the previous rate of N1,350/$ reported on March 27.
Currency traders in Lagos, commonly referred to as bureau de change (BDCs) operators, set the buying rate for the dollar at N1,260 and the selling price at N1,280, indicating a profit margin of N20.
Reflecting on the recent market dynamics, a currency trader named Aliyu shared insights, stating, “The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us.”
Conversely, in the official FX market segment, the local currency experienced a slight depreciation, declining by 0.69 percent to N1,309.39/$ on March 28 from N1,300.43/$ on March 27.
In a related development, the Central Bank of Nigeria (CBN) announced on March 29 that the economy recorded over $1.5 billion in foreign exchange (FX) inflows this month, indicating the effectiveness of its monetary policy initiatives.