Naira moderates at parallel market amid increased liquidity

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The Naira, on Wednesday, appreciated against the dollar at the parallel section of the foreign exchange market amid increased liquidity.

The exchange rate still varies largely across the markets based on the location and volume of transactions.

In a conversation with some traders at the International Airport Lagos, they are selling dollars at the rate of N840/$1 for cash transactions, while another trader stated its rate at N820/$1.

Another operator in Ikeja quoted the naira at N825 to a dollar.

The figure represents a gain of N60 or 6.8 percent compared to the N885 it traded on Monday.

The traders put the buying price of the dollar at N790 and the selling price at N825, leaving a profit margin of N35.

Also, the exchange rate at the cryptocurrency peer-to-peer FX market improved by 5.23 per cent to trade at a minimum of N814.9/$1 on Wednesday, from N859.9/$1 that it traded at the same time on Tuesday.

On the other hand, the naira closed against the US dollar at N446.1/$1 at the I&E window on Tuesday, representing a depreciation of 0.13 per cent compared to N445.5/$1 that was recorded in the previous trading session.

“Dollar is coming down. It may go down to N800 soon. There are plenty of dollars in the market now for people to buy,” a BDC operator in the Victoria Island area of Lagos said.

Since the suspension of trading information by abokiFX, citizens have resorted to street traders for the current market rates of the local currency.

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