Naira appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market on Friday, indicating a 5.19 percent appreciation from the N1,350/$ reported on March 27.
Gatekeepers News reports that Bureau de change (BDCs) operators in Lagos quoted the buying rate of the greenback at N1,260 and the selling price at N1,280, leaving a profit margin of N20.
The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦1328.51 per $1 on Wednesday, March 27, 2024, and closed at ₦1309.39 per $1 on Thursday, March 28, 2024.
This indicates a depreciation of 0.69 percent to N1,309.39/$.
On March 29, the Central Bank of Nigeria (CBN) announced that the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.
The apex bank further stated that the naira is headed in the right direction, and the administration of Yemi Cardoso, the CBN Governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.
