Naira appreciated to N1,600 to dollar at parallel section of foreign exchange (FX) market on Friday.
Gatekeepers News reports that naira appreciated by a 6.70 percent gain from N1,715/$ recorded on December 5.
According to Currency traders in Lagos also known as Bureau de change (BDCs) operators; buying rate of the dollar is at N1,570 and selling price is at N1,600 — leaving a profit margin of N30.
The dollar rate represents the lowest price naira has been sold since August 13 when it traded at N1,595/$.
Naira experienced a positive outing in the parallel market in the first week of December.
Traders in parallel market said the local currency appreciated to N1,730/$ on Monday — from N1,735/$ traded on November 29.
Naira appreciated further, trading at N1,725/$ on Tuesday, and N1,695/$ on Wednesday.
However, naira reversed the appreciation streak, declining to N1,715/$ on Thursday.
The greenback appreciated from December 2 to December 6 in the official window.
Also, it traded at N1,672 per dollar on November 29, however, data from the newly introduced electronic foreign exchange matching system (EFEMS) platform, showed that naira appreciated to N1,660/$ on Monday.
Naira extended its gains on Tuesday after settling at N1,625/$ at the close of business, before appreciating further to N1,608/$ on Wednesday and N1,567/$ on Thursday.
At the close of trading on Friday, naira appreciated to N1,535/$.
