Naira gains at parallel, value increases to N1,570 per dollar
On Wednesday, the parallel segment of the foreign currency (FX) market saw a 1.88 percent increase in the value of the naira, making it N1,570.
Nigeria's currency increased from its March 11 trading of N1,600/$.
The purchase rate of the US dollar was stated by currency dealers in Lagos, often referred to as bureau de change (BDC) operators, at N1,550, and the selling price at N1,570, leaving a N20 profit margin.
The local currency lost 0.78 percent of its value at the official FX market on Wednesday, moving from N1,603.38/$ on March 12 to N1,615.94/$.
The official FX trading platform in Nigeria, FMDQ Exchange, reports that the value of the naira reached a high of N1,635 and a low of N1,500.
From $122.18 million the previous trading day to $248.75 million, the FMDQ reported daily FX turnover increased by 103.59 percent.
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