Naira Strengthens At Parallel Market  

The naira, on Friday, appreciated further against the dollar at the parallel market to trade at N740 per dollar.

The figure represents an appreciation of N35 or 4.5 percent from the N775 it traded last week.

Currency traders known as Bureaux De Change operators (BDCs), who spoke to TheCable in Ikeja and Victoria Island area of Lagos, said there was low demand for the greenback in the street market.

The traders put the buying price of the dollar at N725 and the selling price at N740, leaving a profit margin of N15.

“We have dollars to sell but demand is poor. People are not buying,” one trader told TheCable.