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Tuesday, June 6, 2023

Naira Appreciates to N710 Per Dollar at Parallel Market

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The naira has sustained its momentum at the parallel market, appreciating N710 per dollar in Lagos on Friday.

The development represents N80 gain compared to the N790 to a dollar it traded on Wednesday.

Parallel market operators in the Festac area of Lagos, who spoke to MoneyCentral, quoted the buying rate of the greenback at N700 and the selling price at N710 per dollar, leaving an N10 profit margin.

The traders said there was moderation in demand for dollars by citizens.

At the official market, the local currency depreciated 0.10 percent against the dollar to close at N446.10 on Thursday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.

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