Exclusive Reports

Thu, Nov

Naira Appreciates To N730/$1 At Parallel Market

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The Naira appreciated against the dollar to exchange for N730$ on Friday at the black market. The development represents N115 or 13.9 percent gain compared to the N825 to a dollar it traded on Wednesday.


According to Bureaux De Change operators (BDCs) in the Ikeja area of Lagos who spoke to TheCable, said there was moderation in demand for dollars by citizens.


"I have plenty of dollars in my hand but people are not buying as much as before.


I have not yet sold anything today," Abubakar a trader said.


Other traders complained that they recorded loses because they had bought the dollar at N800 but now have no choice but to sell at lower amount.