Naira appreciates to N1,500/$ at parallel market

The naira, on Wednesday, appreciated to N1,500 per dollar at the parallel section of the foreign exchange (FX) market.

The currency appreciated by a 6.25 percent gain from N1,600 recorded on March 18.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the dollar at N1,450 and the selling price at N1,500 — leaving a profit margin of N50.

“Customers have been buying more dollars today,” a currency trader known as Aliyu said.

At the official window, the naira appreciated by 0.79 percent to N1,560.57 on March 19 — from N1,572.87 on March 18.

This is according to data released by FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria.

Meanwhile, in a notice on March 19, Zenith Bank said the Central Bank of Nigeria (CBN), on March 12, lifted the restrictions on FX access for the importation of milk and dairy products.

“Please be informed that the Central Bank of Nigeria (CBN), through its circular Ref No. TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX),” Zenith Bank said.

On October 12, 2023, the apex bank lifted the ban on 43 items previously restricted from accessing forex.