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.

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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