Naira appreciated marginally to N1,627 against dollar at the parallel section of foreign exchange (FX) market on Thursday.
Gatekeepers News reports that naira strengthened by 1.39 percent from the N1,650/$ recorded on January 24.
Currency traders in Lagos also known as Bureau de change (BDCs) operators, quoted the buying rate of dollar as N1,610 and the selling price at N1,627, yielding a profit margin of N17.
The parallel market traders said the local currency appreciated due to low demand for dollar.
They added that “the intervention by the Central Bank of Nigeria (CBN) on the sales of dollars through banks this week, has been steady”.
In the official window, naira appreciated from N1,533/$ on Monday to N1,493 on Thursday, January 30, according to data from Nigeria Foreign Exchange (NAFEM) platform.
Naira traded at N1,520 at the close of business on Tuesday. It appreciated further to N1,506 on Wednesday and settled at N1,493 on Thursday.
Meanwhile, CBN officially launched the foreign exchange (FX) code to promote best practices in the financial sector on January 28.
In the document, the financial regulator said the FX code, which became effective on December 2, 2024, aims to strengthen and promote the integrity and effective functioning of the wholesale FX market in Nigeria.
CBN said the initiative would facilitate better functioning of the market, further reinforcing Nigeria’s flexible exchange rate regime.
