Reports indicate that parallel market operators are currently quoting a buy price of N1400/$1 for those who are looking to sell dollars, marking a significant strengthening of the naira.
Gatekeepers News reports that the exchange rate has been gaining lately as speculators have started to dump their hoard of dollars following waning demand.
This has led to the naira rising from yesterday’s close of about N1600/$ to N1500/$ (with some quoting N1550/$1) if they are to sell to you.
However, these operators buy at N1400/$1, allowing them to make a spread of N100/$1.
Meanwhile, the exchange rate on the official market fell to N1,560/$1 on Tuesday, the strongest the naira has traded since the 4th of March, when it closed at N1534/$1.
