Naira Appreciates At Parallel Market As Dollar Demand Slows

The naira, on Wednesday, appreciated to N737 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market.

The figure indicates a N9 or 1.2 percent gain compared to the N746 it traded three weeks ago.

The currency had maintained stability against the U.S dollar in the past couple of weeks at N745/$- N746/$ before its recent appreciation.

Speaking to TheCable in the Victoria Island area of Lagos, Bureaux De Change operators (BDCs) said they purchase the greenback at N730/$, make a gain of N7 and then sell at N737/$.

The street traders attributed the appreciation of the local currency to low demand for dollars by customers.

-The Cable