Naira Appreciates At Parallel Market

The naira, on Wednesday, appreciated against the dollar at the parallel section of the foreign exchange market amid increased liquidity.

Bureaux De Change (BDC) operators, popularly known as ‘abokis’, who spoke to TheCable in Lagos, quoted the naira at N825 to a dollar.

The figure represents a gain of N60 or 6.8 percent compared to the N885 it traded on Monday.

The traders put the buying price of the dollar at N790 and the selling price at N825, leaving a profit margin of N35.

“Dollar is coming down. It may go down to N800 soon. There is plenty of dollars in the market now for people to buy,” a BDC operator in the Victoria Island area of Lagos told TheCable.

A parallel (street/black) market is characterised by noncompliant behaviour with an institutional set of rules.

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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