Naira appreciates to N1,440 at parallel market, N1,408 at official window

The naira, on Monday, appreciated further at the parallel section of the foreign exchange (FX) market.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the naira at N1,440 to the greenback at the street market.

The traders put the buying price of the dollar at N1,400 and the selling price at N1,440 — leaving a profit margin of N40.

The figure represents an appreciation of N30 or  2.04 percent from the N1,470/$ it traded on March 22.

At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency rose by 1.64 percent or N23.41 to N1,408.08/$ on Monday — from N1,431.49/$ on March 22.

Meanwhile, on March 24, Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON) asked the Central Bank of Nigeria (CBN) to undergo a paradigm shift in sourcing foreign exchange for the economy.

“In summary, that is my observation: the increasing resilience, capacity, and arsenal of the Central Bank of Nigeria to defend our local currency through several measures,” Gwadabe said.

“My advice is for them to continue widening and undergo a paradigm shift in sourcing foreign exchange for the economy.”

Gwadabe also harped on the importance of resolving valid foreign exchange (FX) backlogs to improve market stability and attract international investments.